GOLD close the trading week near the 1284 area. The quotes continue to move in the uplink channel. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to reduce and test the support level near the 1245 area. Further, the GOLD price will continue to rise with a potential target above the level of 1345.
GOLD weekly forecast & analysis January 7 — 11, 2019
In favor of the growth of quotations and prices for GOLD in the current trading week of January 7 — 11, 2019, a test of the rising trend line on the relative strength index (RSI) will be made. As well as a rebound from the lower boundary of the rising channel. Cancellation of the growth option of XAU/USD quotes will be the fall and the breakdown of the 1235 area. This will indicate the breakdown of the lower boundary of the channel and the continuation of the fall in Gold prices with the target below the level of 1165. The breakdown of the resistance level and closing above the 1300 area will confirm the growth. GOLD price growth.
GOLD weekly forecast & analysis January 7 — 11, 2019 implies an attempt to test the support level near the 1245 area. Then, the GOLD price will continue to rise with a target higher than the 1345 level. The support line test on the relative strength index (RSI) will favor the growth. Cancellation of the growth of GOLD will fall and the breakdown level of 1235. This will indicate a continued decline in quotations in the area below the level of 1165.