An additional signal in favor of a rise in quotations and prices for GOLD in the current trading week August 24 — 28, 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 1685. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below 1515. 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 2095.
Assumes an attempt to test the support level near the 1775 area. Then, the GOLD prices will continue to rise with a target above the level of 2205. 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 1685. This will indicate a continued decline in quotations to the area below the level of 1515.
Weekly Target is +2.300 PIPs Profit