An additional signal in favor of a rise in quotes and prices for GOLD in the current trading week January 25 — 29, 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 the inverted “Head and Shoulders” pattern. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of 1725. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below 1655. Confirmation of the growth in the value of the asset will be a breakdown of the resistance area and closing of quotations above the level of 1995, 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 2135. 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 1725. This will indicate a continued decline in quotations to the area below the level of 1655.
Weekly Target +1.750 PIPs Profit
Posted: January 25, 2021 at 7:30 am