An additional signal in favor of a rise in quotations and prices for GOLD in the current trading week February 1 — 5, 2021 will be a test of the rising trend line on the relative strength index (RSI). The second signal will be the completion of the formation of an inverted Head and Shoulders pattern. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the 1705 area. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below 1635. Confirmation of the growth of the asset value will be a breakdown of the resistance area and closing of quotes above the level of 1985, which will indicate breakdown of the upper border of the descending channel and completion of the current correction in Gold.
Assumes an attempt to test the support level near the 1815 area. Then, the GOLD prices will continue to rise with a target above the level of 2105. A test of the trend line on the relative strength index (RSI) will be in favor of raising the quotes. Cancellation of the GOLD growth option will be a fall and a breakdown of the level of 1705. This will indicate a continued decline in quotations to the area below the level of 1635.
Weekly Target +2.500 PIPs Profit
Posted: February 1, 2021 at 10:29 am