GOLD XAU/USD close the trading week near the area of 1219. 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 1230 and the continuation of the fall in the price of GOLD below the level of 1145.
XAU/USD weekly forecast & analysis July 30 — August 3, 2018
In favor of falling quotes and prices for GOLD, a downtrend test on the relative strength index (RSI) will perform, 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 1260 area, which will indicate the breakdown of the resistance area and the continued rise in gold prices with a target above 1305. A breakdown of the support area and closing below the level of 1210 will confirm the development of a bearish trend.
XAU/USD weekly forecast & analysis July 30 — August 3, 2018 suggests a test of the resistance level near the 1230 area and the continuation of the fall in GOLD prices with a target below the level of 1145, in favor of the fall will perform a trend line test on the relative strength index (RSI), the fall of GOLD will be a breakdown at level 1260, which will indicate the outflow of quotes beyond the limits of the channel and the continuation of growth in the area above the level of 1305.