GOLD XAU/USD close the trading week near the area of 1322. 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 1400.
XAU/USD weekly forecast May 14 — 18, 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 result in a fall and breakdown of the 1280 area, which will indicate the breakdown of the lower border of the bullish channel and the continuation of the fall in gold prices with a target below 1250. The trend line will be confirmed by a breakdown of the trend line on the relative strength index (RSI) and closing above the area of 1365.
XAU/USD weekly forecast May 14 — 18, 2018 suggests an attempt to test the bottom of the rising channel near the 1300 area and the start of a rise in gold prices with a target above the level of 1400, 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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