Menu Close

Weekly GOLD Forecast – (13.11. – 17.11.2023)

Anticipating a potential upward movement in quotations and prices for Gold during the trading week of November 13 to 17, 2023, an additional sign would be a rebound from the support line on the relative strength indicator (RSI). A secondary indicator would be a bounce from the upper boundary of the bearish channel. The annulment of the potential for growth in XAU/USD quotes would involve a decline in price and a breach of the 1835 area. This would signify a breakdown of the support level, resulting in a sustained decline in Gold prices, targeting a level below 1765. To confirm the uptrend in the asset's value, there would need to be a breach of the resistance region and a close of quotes above the 2015 level.

Envisages an effort to initiate a downturn and assess the support level near the 1905 area. Subsequently, there is an expectation of continuous growth in Gold prices, aiming for a level surpassing 2175. An examination of the trendline on the relative strength index (RSI) would support the rise in quotes. The negation of the growth potential for Gold would lead to a decrease and a breach of the 1835 level. This would indicate a persistent decrease in quotes to an area below the level of 17.