Gold is completing the trading week near the 1739 area. XAU / USD quotes continue to move within the correction and the downward channel. Moving averages indicate a sideways trend in Gold. Prices broke through the area between the signal lines downward, which indicates pressure from sellers and a potential continuation of the fall and a possible reversal of the trend. At the moment, we should expect an attempt to develop a price decline and a test of the support level near the 1705 area. Further, the GOLD price will continue to rise with a potential target above the level of 2055.
Gold Price Forecast for the week 12-16 April 2021
An additional signal in favor of a rise in quotations and prices for GOLD in the current trading week April 12 – 16, 2021 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for XAU / USD quotes will be a fall and a breakdown of the area of 1585. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below 1445. Confirmation of the growth in the value of the asset will be a breakdown of the resistance area and closing of quotes above the level of 1855, which will indicate breakdown of the upper border of the descending channel.
Thus, the GOLD Price Forecast for the week of April 12 – 16, 2021 assumes an attempt to test the support level near the 1705 area. Then, the GOLD prices will continue to rise with a target above the level of 2055. A test of the trend line on the relative strength index (RSI) will be in favor of raising the quotes. Cancellation of the GOLD growth option will be a fall and a breakdown of the level of 1585. This will indicate a continued decline in quotations to the area below the level of 1445. (Also Read:
EUR / USD, GBP / USD, USD / JPY Weekly Forex Price Prediction Market Forecast April 12 – 16, 2021 )
