Gold concludes the trading week with a correction near the area of 3173. The price movements for XAU/USD are continuing within a strong drop and a bearish channel. Moving averages indicate an upward trend in gold. Prices have broken through the zone between signal lines upwards, which points to buyer pressure and potential price continuation. At this point, we should anticipate the development of a bearish correction in prices and testing the support level near the area of 3145. Subsequently, a rebound in prices upwards and an increase in XAUUSD on the current trading week with a potential target above the level of 3545.
GOLD Weekly Forecast XAUUSD May 19 — 23, 2025
Additional indications supporting the growth of quotations and prices for Gold on the current trading week from May 19 to May 23, 2025, will be a bounce off the trend line on the Relative Strength Index (RSI) indicator. The second signal would be a rebound from the lower border of the bullish channel. Cancellation of the option for an increase in quotations XAU/USD will be a drop in price and breaking through the area 2965. This will indicate breaking through the level of the lower boundary of the bullish channel and continuation of the fall in Gold prices with a target below the level of 2775. Confirmation of the growth in the value of an asset would be breaking through the resistance zone and closing quotations above the level 3345, which will indicate breaking through the upper border of the descending correction channel.
GOLD Weekly Forecast XAUUSD May 19 — 23, 2025 suggests an attempt to develop a bearish correction and testing the support level near the area of 3145. Then, continuation of gold price rise with a target above the level of 3545. A lift in prices will be supported by testing the trend line on the Relative Strength Index (RSI). The advancement of the gold price scenario will be cancelled by a drop and a break through the level of 2965, which would indicate further decline to an area below the level of 2775.
