GOLD XAU/USD close the trading week near the area of 1240. Quotes continue to move in a bearish trend. At the moment, we should expect a test of the upper border of the channel near the area of 1260 and the continuation of the fall in the price of GOLD below the level of 1185.
XAU/USD weekly forecast & analysis July 16 — 20, 2018
In favor of falling quotations and prices for GOLD, a downtrend test on the relative strength indicator will perform, as well as a test of the upper bound of the «Triangle» model. The cancellation of the fall in XAU/USD quotations will result in a strong growth and breakdown of the 1285 area, which will indicate the breakdown of the resistance area and the continuation of the price increase for GOLD with a target higher than the level of 1315. Confirmation of the downward trend development will be a breakdown of the lower boundary of the «Triangle» and closing below 1230 .
XAU/USD weekly forecast & analysis July 16 — 20, 2018 suggests an attempt to test the resistance level near the 1260 area and the continuation of the fall in GOLD prices with a target below the level of 1185, in favor of the fall, a trend line test will be performed on the relative strength index (RSI).
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