GOLD weekly forecast Quotes Gold XAU/USD closed the trading week near the area of 1296. Quotes continue to move within a downward correction. At the moment, prices are testing the support area. It is worth to expect an attempt to rebound Gold prices in the region above the level of 1350.
In favor of the growth of quotations and prices for Gold, a test of the support line on the indicator of relative strength index (RSI) will perform. Cancellation of the growth scenario for XAU/USD will be the fall and breakdown of the 1275 area, indicating that the price of GOLD will continue to decline with a potential target near the level of 1215.
XAU/USD weekly forecast on September 25 — 29, 2017 suggests an attempt to rebound from the support level with a potential growth target near the 1350 area, an additional signal will be a test of the uptrend line on the indicator of relative strength index (RSI), the cancellation of the growth scenario for GOLD prices will be a fall and breakdown area 1275.
Gold futures eked out a small gain Friday, with heightened tension pegged to North Korea credited with providing a modicum of support to the haven.
But the metal still recorded its second consecutive weekly decline after the Federal Reserve on Wednesday reiterated that it expects to deliver another rise in interest rates by the end of the year.
December gold GCZ7, +0.44% GCZ7, +0.44% rose $2.70, or 0.2%, to close at $1,297.50 an ounce, a day after posting the lowest close since Aug. 24 and slipping beneath the psychologically significant level of $1,300 for the first time in September. For the week, gold declined more than 2%, according to FactSet data.
The exchange-traded SPDR Gold Shares ETF GLD, +0.46% rose 0.3%, but is off 2% for the week.
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