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Gold price forecast for the week of May 31 - June 4, 2021

Gold, mineral, Gold price forecast for the week of May 31 - June 4, 2021

Gold ends the trading week near the 1895 area. XAU/USD quotes continue to move within the growth and left the limits of the descending channel. Moving averages indicate the presence of a bullish trend in Gold. Prices broke through the area between the signal lines up, which indicates the pressure from buyers and the potential continuation of the rise. At the moment, we should expect an attempt to develop a price correction and a test of the support level near the 1825 area. Further, the continued growth of the Gold price with a potential target above the level of 2215.

An additional signal in favor of the rise in quotations and prices for Gold in the current trading week of May 31 - June 4, 2021 will be a test of the trend line on the relative strength indicator. The second signal will be a breakdown of the upper limit of the bearish channel. The cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the 1715 area. This will indicate the breakdown of the support level and the continuation of the fall in Gold prices with a goal below the level of 1585. Confirmation of the growth in the value of the asset will be the breakdown of the resistance area and the closing of quotes above the 1975 level.

 

Gold price forecast for the week of May 31 - June 4, 2021

 

Thus, the Gold price forecast for the week of May 31 - June 4, 2021 suggests an attempt to test the support level near the 1825 area. Then, the continuation of the rise in Gold prices with a target above the level of 2215. The trend line test on the relative strength indicator will be in favor of the rise in quotations. The cancellation of the growth option for Gold will be a fall and a breakdown of the level of 1715. This will indicate a continuation of the decline in quotations in the area below the level of 1585.

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