GOLD is completing the trading week near the 1887 area. XAU/USD quotes continue to move as part of the growth and left the downtrend channel. 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 a test of the support level near the 1845 area, where the broken channel border is located. Further, the continued growth in the price of GOLD with a potential target above the level of 2235.
GOLD Price Forecast and Weekly Analysis May 24 — 28, 2021
An additional signal in favor of a rise in quotations and prices for GOLD in the current trading week May 24 — 28, 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 1720. 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 1975.
GOLD Price Forecast and Weekly Analysis May 24 — 28, 2021 assumes an attempt to test the support level near the 1845 area. Then, the GOLD prices will continue to rise with a target above the level of 2235. 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 1720. This will indicate a continued decline in quotations to the area below the level of 1585.
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