GOLD is completing the trading week near the area of 1798. XAU/USD quotes continue to move within the correction and the upward channel. 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 price decline and test the support level near the 1755 area. Further, the GOLD price will continue to rise with a potential target above the level of 2115.
GOLD Price Forecast and Weekly Analysis February 8 — 12, 2021
An additional signal in favor of a rise in quotations and prices for GOLD in the current trading week on February 8 — 12, 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 1665. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below 1585. 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 descending channel and completion of the current correction in Gold.
GOLD Price Forecast and Weekly Analysis February 8 — 12, 2021 assumes an attempt to test the support level near the 1755 area. Then, the GOLD prices will continue to rise with a target above the level of 2115. 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 1665. This will indicate a continued decline in quotations to the area below the level of 1585.
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