GOLD completes the trading week near the 1785 area. XAU/USD quotes continue to move as part of the correction and the formation of the “Triangle” model. Moving averages indicate the presence of a bullish trend for Gold. Prices have broken through the area between the signal lines down, which indicates pressure from sellers and a potential continuation of the price fall. At the moment, we should expect an attempt to develop a decrease in prices and a test of the support level near the area of 1770. Further, the continuation of the growth in the price of Gold with a potential target above the level of 2005.
GOLD Weekly Forecast J January 31 — February 4, 2022
An additional signal in favor of the rise in quotes and prices for Gold in the current trading week of January 31 — February 4, 2022 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the Triangle model, as well as from the upper boundary of the descending channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the 1685 area. This will indicate a breakdown of the support level and a continued fall in Gold prices with a target below the level of 1635. Confirmation of the growth in the value of the asset will be a breakdown of the resistance area and closing of quotes above the level of 1905, which will indicate breakdown of the upper border of the “Triangle” model and the beginning of the development of this pattern.
GOLD Weekly Forecast J January 31 — February 4, 2022 suggests an attempt to test the support level near the area of 1770. Then, the continued growth in Gold prices with a target above the level of 2005. A test of the trend line on the relative strength index (RSI) will come out in favor of the rise in quotes. Cancellation of the growth option for GOLD will be a fall and a breakdown of the level of 1685. This will indicate a continued decline in quotes to the area below the level of 1635.
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