GOLD completes the trading week near the 1869 area. The 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 the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of the rise. At the moment, we should expect an attempt to develop a price correction and test the support level near the 1765 area. Further, the GOLD price will continue to rise with a potential target above the level of 2165.
GOLD Price Forecast and Weekly Analysis June 7 — 11, 2021
An additional signal in favor of a rise in quotations and prices for GOLD in the current trading week June 7 — 11, 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 1705. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below 1575. 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.
GOLD Price Forecast and Weekly Analysis June 7 — 11, 2021 assumes an attempt to test the support level near the 1765 area. Then, the GOLD prices will continue to rise with a target above the level of 2165. 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 1705. This will indicate a continued decline in quotations to the area below the level of 1575.
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