GOLD XAU/USD close the trading week near the 1218 area. The quotes continue to move within the bullish channel. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1230. Further, the beginning of the fall in the price of GOLD with a potential target below the level of 1155.
GOLD weekly forecast & analysis November 12 — 16, 2018
In favor of lowering quotations and prices for GOLD in the current trading week of November 12 — 16, 2018, a test of the trend line on the relative strength index (RSI) will be made. 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 1285. The breakdown of the lower boundary of the channel and the closing below 1205 will confirm the bearish trend development and it will close to accelerate the fall in the price of GOLD.
GOLD weekly forecast & analysis November 12 — 16, 2018 suggests an attempt to test the resistance level near the 1230 area. Then, the GOLD prices will continue to fall with a 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 growth and a 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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