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