GOLD is completing the trading week near the 1853 area. The XAU/USD quotes continue to move within the correction and the ascending channel. Moving averages indicate a bullish trend for Gold. Prices are testing the area between the signal lines again, which indicates pressure from buyers and a potential continuation of the upward trend. At the moment, we should expect an attempt to develop a price decline and test the support level near the 1815 area. Further, the GOLD price will continue to rise with a potential target above the level of 2105.
GOLD Price Forecast and Weekly Analysis February 1 — 5, 2021
An additional signal in favor of a rise in quotations and prices for GOLD in the current trading week February 1 — 5, 2021 will be a test of the rising trend line on the relative strength index (RSI). The second signal will be the completion of the formation of an inverted Head and Shoulders pattern. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the 1705 area. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below 1635. Confirmation of the growth of the asset value will be a breakdown of the resistance area and closing of quotes above the level of 1985, which will indicate breakdown of the upper border of the descending channel and completion of the current correction in Gold.
GOLD Price Forecast and Weekly Analysis February 1 — 5, 2021 assumes an attempt to test the support level near the 1815 area. Then, the GOLD prices will continue to rise with a target above the level of 2105. A test of the trend line on the relative strength index (RSI) will be in favor of raising the quotes. Cancellation of the GOLD growth option will be a fall and a breakdown of the level of 1705. This will indicate a continued decline in quotations to the area below the level of 1635.
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