GOLD close the trading week near the 1224 area. The quotes continue to move within the descending channel. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to grow and test the resistance level near the 1235 area. Further, the beginning of the fall in the price of GOLD with a potential target below the level of 1155.
GOLD weekly forecast & analysis December 3 — 7, 2018
The test of the broken trend line on the relative strength index (RSI) will be in favor of lowering quotations and prices for GOLD in the current trading week of December 3 — 7, 2018. As well as the formation of the model «Head and Shoulders». The abolition of the option of falling XAU/USD quotes will be a strong growth and a breakdown of the 1245 area. This will indicate a breakdown of the resistance area and a continued rise in GOLD prices with a target above the level of 1285. A proof of the downward trend development will be a breakdown of the support area and a close below the 1195 level, accelerating the fall in the price of GOLD.
GOLD weekly forecast & analysis December 3 — 7, 2018 suggests an attempt to test the resistance level near the 1235 area. Then, the GOLD prices will continue to fall with the target below the level of 1155. The test of the trend line on the relative strength index (RSI) will be in favor of the decline. Cancellation of the option of falling GOLD will be a strong increase and the breakdown of the level of 1245. This will indicate continued growth of quotations in the area above the level of 1285.
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