GOLD completes the trading week near the 1703 area. XAU/USD quotes continue to move as part of the fall and the bearish channel. Moving averages indicate the presence of a bearish 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 price growth and test the resistance level near the area of 1755. Further, the continuation of the fall in the price of GOLD with a potential target below the level of 1585.
GOLD Weekly Forecast July July 18 — 22, 2022
An additional signal in favor of the rise in quotes and prices for Gold in the current trading week July 18 — 22, 2022 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from a strong resistance area on the price chart, under which sellers have only managed to gain a foothold. Cancellation of the option to reduce XAU/USD quotes will be a strong growth and a breakdown of the 1845 area. This will indicate a breakdown of the resistance level and continued growth in Gold prices with a target above the level of 1895. A confirmation of the fall in the value of the asset will be a breakdown of the support area and closing of quotes below the level of 1675, as we see , from this level of prices repelled the whole of last year.
GOLD Weekly Forecast July July 18 — 22, 2022 suggests an attempt to test the resistance level near the area of 1755. Then, the continuation of the fall in Gold prices with a target below the level of 1585. A test of the trend line on the relative strength index (RSI) will come out in favor of a decrease in quotes. Cancellation of the option of falling GOLD will be a strong growth and a breakdown of the level of 1845. This will indicate a continued rise in quotes to the area above the level of 1895.
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