GOLD completes the trading week near the 1884 area. XAU/USD quotes continue to move as part of the correction and the formation of the “Wedge” reversal pattern. Moving averages indicate the presence of a bullish trend for Gold. Prices are pushing up from the area between the signal lines, which indicates pressure from buyers and a potential continuation of price growth. 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 1845. Further, the continuation of the growth in the price of Gold with a potential target above the level of 2055.
GOLD Weekly Forecast May 9 — 13, 2022
An additional signal in favor of the rise in quotes and prices for Gold in the current trading week May 9 — 13, 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 1805 area. This will indicate a breakdown of the support level and a continued fall in Gold prices with a target below the level of 1745. 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 1935, which will indicate breakdown of the upper border of the reversal pattern ”Wedge”.
GOLD Weekly Forecast May 9 — 13, 2022 suggests an attempt to test the support level near the area of 1845. Then, the continued growth of Gold prices with a target above the level of 2055. 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 1805. This will indicate a continued decline in quotes to the area below the level of 1745.
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