GOLD XAU/USD close the trading week near the area of 1189. Quotes continue to move within the bearish trend. At this point, we should expect an attempt to correct and test the upper boundary of the bearish channel near area 1205. Further, the continuation of the fall in the price of gold with a potential target below the level of 1115.
GOLD weekly forecast & analysis August 27 — 31, 2018
In favor of falling quotes and GOLD prices in the current trading week on August 27 — 31, 2018, a bearish trend test will be performed on the relative strength index (RSI), as well as a resistance level test. The cancellation of the fall in XAU/USD quotations will result in a strong growth and breakdown of the 1225 area, which will indicate the breakdown of the resistance area and the continuation of the price increase for GOLD with a target above the level of 1265. A breakdown of the support area and closing below the level of 1170 will confirm the development of a downward trend.
GOLD weekly forecast & analysis August 27 — 31, 2018 suggests an attempt to test the resistance level near the area of 1205 and the continuation of the fall in gold prices with a target below the level of 1115, in favor of the fall will perform a trend line test on the indicator of relative strength index (RSI).