GOLD is completing the trading week near the 1792 area. XAU/USD quotes continue to move as part of the correction and the formation of an inverted Head and Shoulders pattern. Moving averages indicate a bullish trend for Gold. Prices have broken down the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall. At the moment, we should expect an attempt to develop a price correction and test the support level near the 1735 area. Further, the GOLD price will continue to rise with a potential target above the level of 2055.
GOLD Price Forecast and Weekly Analysis June 21 — 25, 2021
An additional signal in favor of a rise in quotations and prices for GOLD in the current trading week June 21 — 25, 2021 will be a test of the trend line on the relative strength index (RSI). The second signal will be a breakdown of the lower boundary of the bullish channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of 1685. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below 1565. 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 1965.
GOLD Price Forecast and Weekly Analysis June 21 — 25, 2021 assumes an attempt to test the support level near the 1735 area. Then, the GOLD prices will continue to rise with a target above the level of 2055. 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 1685. This will indicate a continued decline in quotations to the area below the level of 1565.
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