Gold completes the trading week with a correction near the 1962 area. XAU/USD quotes continue to move within a slight increase and a bullish channel. Moving averages indicate the presence of a bullish trend for Gold. Prices have gone up from the area between the signal lines, which indicates pressure from buyers and a potential continuation of price growth. At the moment, we should expect an attempt to develop a decrease in prices and a test of the support level near the 1950 area. Further, a rebound in prices and continued growth of Gold with a potential target above the level of 2195.
An additional signal in favor of the rise in quotes and prices for Gold in the current trading week of June 12 — 16, 202 will be a rebound from the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for XAU/USD quotes will be a fall in prices and a breakdown of the 1905 area. This will indicate a breakdown of the support level and a continued fall in Gold prices with a target below the level of 1865. A 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 2015.
GOLD Weekly Forecast June 12 — 16, 2023 suggests an attempt to develop a decline and test the support level near the 1950 area. Then, the continued growth in Gold prices with a target above the level of 2195. A test of the trend line on the relative strength index (RSI) will come out in favor of the rise in quotes. Cancellation of the growth option for GOLD will be a fall and a breakdown of the level of 1905. This will indicate a continued decline in quotes to the area below the level of 1865.