GOLD completes the trading week near the area of 1856. XAU/USD quotes continue to move within the correction and the rising channel. 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 1805. Further, the continuation of the growth in the price of Gold with a potential target above the level of 2015.
GOLD Weekly Forecast May 30 — June 3, 2022
An additional signal in favor of the rise in quotes and prices for Gold in the current trading week May 30 — June 3, 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 border of the bullish channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the 1750 area. This will indicate a breakdown of the support level and a continued fall in Gold prices with a target below the level of 1685. 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 downward correction channel.
GOLD Weekly Forecast May 30 — June 3, 2022 suggests an attempt to test the support level near the 1805 area. Then, the continued growth in Gold prices with a target above the level of 2015. 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 1750. This will indicate a continued decline in quotes to the area below the level of 1685.
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