GOLD ends the trading week with a fall near the 1753 area. XAU/USD quotes continue to move as part of growth and have left the descending channel. The potential for the formation of a reversal pattern “Head and Shoulders” remains. Moving averages indicate the presence of a bearish trend for Gold. Prices are again testing the area between the signal lines, 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 1665. Further, the continuation of the growth in the price of Gold with a potential target above the level of 1915.
GOLD Weekly Forecast November 21 — 25, 2022
An additional signal in favor of the rise in quotes and prices for Gold in the current trading week November 21 — 25, 2022 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the “Head and Shoulders” reversal pattern. Cancellation of the growth option for XAU/USD quotes will be a fall in the price and a breakdown of the area of 1585. This will indicate a breakdown of the support level and a continued fall in the price of Gold with a target below the level of 1515. A 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 1805, which will indicate en breakdown of the upper border of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets at the top.
GOLD Weekly Forecast November 21 — 25, 2022 suggests an attempt to test the support level near the area of 1665. Then, the continued growth in Gold prices with a target above the level of 1915. 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 1585. This will indicate a continued decline in quotes to the area below the level of 1515.
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