GOLD XAU/USD close the trading week near the area of 1218. 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 1235 and the continuation of the fall in the price of GOLD below the level of 1170.
XAU/USD weekly forecast & analysis August 6 — 10, 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 area of 1255, which will indicate the breakdown of the resistance area and the continued rise in GOLD prices with a target above the level of 1285. A breakdown of the support area and closing below the level of 1200 will confirm the development of a bearish trend.
XAU/USD weekly forecast & analysis August 6 — 10, 2018 suggests an attempt to test the resistance level near the 1235 area and the continuation of the fall in gold prices with a target below the level of 1170, in favor of the fall will perform a trend line test on the relative strength index (RSI).