GOLD XAU/USD close the trading week near the area of 1177. Quotes continue to move within the bearish trend. At the moment, we should expect an attempt to correct and test the upper border of the channel near the area of 1200. Further, the continuation of the fall in the price of GOLD with a potential target below the level of 1105.
XAU/USD weekly forecast & analysis August 20 — 24, 2018
In favor of falling quotes and prices for GOLD in the current trading week August 20 — 24, 2018 a downtrend line test will be performed on the relative strength index (RSI), as well as a resistance level test. The cancellation of the fall in XAU/USD quotations will result in a strong growth and breakdown of the 1225 area, which will indicate the breakdown of the resistance area and the continued rise in GOLD prices with a target above the level of 1265. A breakdown of the support area and closing below level 1155 will confirm the development of a bearish trend.
XAU/USD weekly forecast & analysis August 20 — 24, 2018 suggests an attempt to test the resistance level near the 1200 area and the continuation of the fall in GOLD prices with a target below the level of 1105, in favor of the fall, a trendline test will be performed on the relative strength index (RSI).
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