GOLD completes the trading week near the level of 1284. Gold continues to trade above the upper boundary of the Ichimoku Kinko Hyo Cloud. This indicates the presence of an upward trend in GOLD.
A test of the Ichimoku Kinko Hyo signal line region is expected near the level of 1255. Where should we expect an attempt to rebound and continue growth with a target near the level of 1325.
GOLD weekly forecast XAU/USD January 7 — 11, 2019
An additional signal in favor of rising gold prices in the current trading week of January 7 — 11, 2019 will be a rebound from the support level. And also test the lower boundary of the ascending channel. Earlier, a strong signal was received for SELL the GOLD. The signal was formed due to the intersection of signal lines at the level of 1215.
Cancellation of the growth rate of gold quotes will be the breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with a close below 1210. This will indicate a change in the upward trend in favor of the downward trend and the continuation of the fall in prices for GOLD. Expect to accelerate the growth of XAU/USD quotes with the breakdown of the resistance area and closing above the level of 1300.
GOLD weekly forecast XAU/USD January 7 — 11, 2019 suggests an attempt to develop a correction to the level of 1255. Where should we expect a rebound and continued growth of quotations with a potential target near the level of 1325. The support level test will support growth. The cancellation of the option of increasing the price of GOLD will be the breakdown of the area of 1210. In this case, we should expect a continuation of the decline.