GOLD completes the trading week near the 1819 area. XAU/USD quotes continue to move as part of the correction and the formation of the ”Triangle” pattern. Moving averages indicate a bullish trend for Gold. Prices are again testing the area between the signal lines, which indicates pressure from buyers and a potential continuation of the upward trend. At the moment, we should expect an attempt to develop a decline in prices and a test of the support level near the 1750 area. Further, the continued growth of the GOLD price with a potential target above the level of 2145.
GOLD Price Forecast and Weekly Analysis February 15 — 19, 2021
An additional signal in favor of a rise in quotations and prices for GOLD in the current trading week of February 15 — 19, 2021 will be a test of the rising trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ”Triangle” pattern. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of 1695. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below 1595. Confirmation of the growth in the value of the asset 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 “Triangle” model.
GOLD Price Forecast and Weekly Analysis February 15 — 19, 2021 assumes an attempt to test the support level near the 1750 area. Then, the GOLD prices will continue to rise with a target above the level of 2145. A test of the trend line on the relative strength index (RSI) will be in favor of the rise in quotes. Cancellation of the GOLD growth option will be a fall and a breakdown of the level of 1695. This will indicate a continued decline in quotations to the area below the level of 1595.
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