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