Weekly Forecast (20.7. – 24.7.2020)

An additional signal in favor of a rise in quotations and prices for GOLD in the current trading week July 20 — 24, 2020 will be a test of the rising trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of ​​1565. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below 1495. Confirmation of the growth in the value of the asset will be a breakdown of the resistance area and closing of quotes above the level of 1845.

Assumes an attempt to test the support level near the area of ​​1685. Then, the GOLD prices will continue to rise with a target above the level of 1955. A test of the trend line on the relative strength index (RSI) will be in favor of the rise in quotes. Cancellation of the GOLD growth option will be a fall and a breakdown of the level of 1565. This will indicate a continued decline in quotations to the area below the level of 1495.

Weekly Target is +1.500 PIPs Profit

Posted: July 20, 2020 at 8:23 am