An additional signal in favor of the rise in quotations and gold prices in the current trading week May 18 — 22, 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 1505. 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 1355. 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 1775.
GOLD Price Forecast and Analysis May 18 — 22, 2020 implies an attempt to test the support level near the area of 1635. Then, the continuation of the growth of Gold prices with the target above the level of 1965. A test of the trend line on the relative strength index (RSI) will favor the rise in quotations. Cancellation of the Gold growth option will be a fall and a breakdown of the level of 1505. This will indicate a continued decline in quotations to the area below the level of 1355.
Weekly Target for 18.5.2020 - 22.5.2020 is +1.350 PIPs Profit
Posted: May 17, 2020 at 8:11 pm