Weekly GOLD Forecast (13.7. – 17.7.2020)

An additional signal in favor of the rise in quotations and gold prices in the current trading week July 13 — 17, 2020 will be an uptrend line test on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of ​​1555. This will indicate a breakdown of the support level and a continued fall in the price of Gold with a target below the level of 1495. A 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 1855.

Implies an attempt to test the support level near the area of ​​1675. Then, the continuation of the growth of GOLD prices with the target above the level of 1955. A test of the trend line on the relative strength index (RSI) will be in favor of raising quotes. Cancellation of the GOLD growth option will be a fall and a breakdown of the level of 1555. This will indicate a continued decline in quotations to the area below the level of 1495.

 

Weekly Target for 13.7. - 17.7.2020 is +1.700 PIPs

Posted: July 13, 2020 at 7:49 pm