GOLD completes the trading week near the area of 1509. Quotes XAU/USD continue to move as part of the correction and the rising channel. Moving averages indicate a bullish trend for GOLD, prices pushed from the area between the signal lines, indicating pressure from buyers. At the moment, we should expect an attempt to reduce prices and test the support level near the area of 1495. Further, the continuation of the growth of the price of GOLD with a potential target above the level of 1625.
GOLD Price Forecast December 30, 2019 — January 3, 2020
An additional signal in favor of the growth of quotations and GOLD prices in the current trading week December 30, 2019 — January 3, 2020 will be an ascending trend line test on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of 1410. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below the level of 1335. A confirmation of the growth in the value of the asset will be a breakdown of the upper border of the downward channel and closing quotations above the level of 1525.
GOLD Price Forecast December 30, 2019 — January 3, 2020 implies an attempt to test the support level near the area of 1495. Then, the continuation of the growth of GOLD prices with the target above the level of 1625. 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 1410. This will indicate a continued decline in quotations to the area below the level of 1335.
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