GOLD close the trading week near the 1257 area. The quotes continue to move within the descending channel. Moving averages indicate a downward trend. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1265. Further, the continuation of the fall in the price of GOLD with a potential target below the level of 1180.
GOLD weekly forecast & analysis December 24 — 28, 2018
The formation of the «Head and Shoulders» reversal pattern on the relative strength index (RSI) will be in favor of reducing the quotations and prices for GOLD in the current trading week December 24 — 28, 2018. As well as a rebound from the upper limit of the descending channel. Cancellation of the option of falling XAU/USD quotes will be a strong growth and a breakdown of the area of 1295. This will indicate a breakdown of the upper boundary of the channel and a continued rise in gold prices with a target above 1335. A confirmation of the decline development will be a breakdown of the lower boundary of the rising channel and closing below 1210. This will indicate the acceleration of the fall in the price of GOLD.
GOLD weekly forecast & analysis December 24 — 28, 2018 suggests an attempt to test the resistance level near the area of 1265. Then, the GOLD prices will continue to fall with a target below the level of 1180. The formation of a reversal pattern on the relative strength indicator will be in favor of the decline. Cancellation of the option of falling GOLD will be a strong growth and the breakdown of the level of 1295. This will indicate continued growth of quotations in the area above the level of 1335.
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