Weekly GOLD Forecast (4.5. – 8.5.2020)

An additional signal in favor of the rise in quotations and Gold prices in the current trading week May 4 — 8, 2020 will be an uptrend 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 1375. 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 1765.

GOLD Price Forecast and Analysis May 4 — 8, 2020 implies an attempt to test the support level near the area of ​​1585. Then, the continuation of the growth of gold prices with the target above the level of 1865. A test of the trend line on the relative strength index (RSI) will be in favor of raising prices. 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 1375.

 

Weekly Target for 4.5.2020 - 8.5.2020 is +1.600 PIPs Profit

Posted: May 4, 2020 at 7:14 am