GOLD completes the trading week near the 1837 area. The XAU/USD quotes continue to move as part of the growth and the beginning of the “Double Bottom” reversal 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 1775 area. Further, the continued growth of the GOLD price with a potential target above the level of 2125.
GOLD Price Forecast and Weekly Analysis May 17 — 21, 2021
An additional signal in favor of a rise in quotations and prices for GOLD in the current trading week May 17 — 21, 2021 will be a test of the trend line on the relative strength index (RSI). The second signal will be a breakout of the upper border of the bearish channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of 1595. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below 1525. 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 1865, which will indicate breakdown of the upper border of the downward channel, which will also indicate the completion of the downward correction.
GOLD Price Forecast and Weekly Analysis May 17 — 21, 2021 assumes an attempt to test the support level near the 1775 area. Then, the GOLD prices will continue to rise with a target above the level of 2125. 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 1595. This will indicate a continued decline in quotations to the area below the level of 1525.
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