GOLD close the trading week near the 1238 area. The quotes continue to move within the bearish channel. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to reduce and test the support level near the 1225 area. Further, the Gold price will continue to rise with a potential target above the 1270 level.
GOLD weekly forecast & analysis December 17 — 21, 2018
In favor of the growth of quotations and prices for GOLD in the current trading week from December 17 — 21, 2018, a test of the trend line on the relative strength index (RSI) will be made. As well as a rebound from the lower boundary of the bullish channel. Cancellation of the growth option of XAU/USD quotes will be the fall and the breakdown of the 1205 area. This will indicate the breakdown of the support area and the continuation of the fall in GOLD prices with a target below 1155. The upside growth of the downward channel and closing above the 1270 level will confirm the growth. accelerating the growth of the price of GOLD.
GOLD weekly forecast & analysis December 17 — 21, 2018 implies an attempt to test the support level near the 1225 area. Then, the Gold prices continue to rise with a target above the 1270 level. The trend line test on the relative strength index (RSI) will be in favor of the growth. Cancellation of the growth of GOLD will fall and the breakdown of the level of 1205. This will indicate the continuation of the fall of quotations in the area below the level of 1175.
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