The XAU/USD quotes continue to move within the framework of a decline and the beginning of the implementation of the “Wedge” pattern. At the time of publishing the forecast, the price of Gold is 2884 USD per Troy ounce. Moving averages indicate a short-term bullish trend. Prices have broken through the area between the signal lines downward, suggesting pressure from sellers and the potential for further decline from the current levels. At this point, we should expect an attempt to develop a bullish correction and a test of the resistance level near 2905, from where a downward rebound is expected, followed by a continuation of the price decline with a potential target below the 2795 level.
GOLD Forecast and Analysis for February 28, 2025
An additional signal in favor of a decline for XAU/USD will be a test of the bearish trendline on the Relative Strength Index (RSI) indicator. The second signal will be a rebound from the upper boundary of the descending channel. A strong rise in prices and a break of the 2915 level on February 28, 2025, would cancel the price decline scenario and indicate a breakout of the resistance area, leading to continued price growth to levels above 2955. Acceleration of the XAU/USD decline should be expected with a break of the support area and a closing price below the 2865 level.
GOLD Forecast and Analysis for February 28, 2025 suggests an attempt to develop a bullish price correction and a test of the resistance area near 2905. After that, the continuation of the decline in precious metal quotes with a target below 2795. The decline scenario for Gold will be canceled by a strong rise in asset prices and a break of the 2915 level. This will indicate a continuation of the Gold price rise with a potential target above the 2955 mark.
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