GOLD XAU/USD close the trading week near the area of 1309. Quotes continue to move within the bullish channel. At the moment, we should expect a test of the support level near the area of 1300 and the continuation of growth above the level of 1365.
XAU/USD weekly forecast May 7 — 11, 2018
In favor of the growth of quotations and prices for Gold will perform a trend line test on the indicator of relative strength index (RSI). Cancellation of the growth scenario for XAU/USD will be the fall and breakdown of the 1280 area, which will indicate the breakdown of the lower boundary of the rising channel and the continuation of the fall in gold prices with a target below the level of 1250. A confirmation of the growth in the price of GOLD in the current trading week will break through the resistance level and close above the region 1370.
XAU/USD weekly forecast May 7 — 11, 2018 suggests an attempt to test the bottom of the upward channel near the 1300 area and the start of a rise in gold prices with a target above the level of 1365, in favor of growth, a trend line test on the relative strength index (RSI), the cancellation of the growth option of Gold will be a breakdown at level 1280, which indicates the continuation of the fall in the area below 1250.
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