GOLD continue to move as part of the correction and the formation of the “Wedge” reversal pattern. At the time of the publication of the forecast, the price of Gold is 1810 USD per Troy Ounce. Moving averages indicate the presence of a short-term bullish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the asset and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a rise and test the resistance level near the 1825 area. Where should we expect a rebound down and a continuation of the fall in the price of Gold with a potential target below the level of 1725.
GOLD Forecast and analysis December 16, 2022
An additional signal in favor of a decrease in XAU/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the “Wedge” reversal pattern. Cancellation of the option to reduce the price of Gold on December 16, 2022 will be a strong growth and a breakdown of the level of 1855. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1915. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing the price below the level of 1770 , which will indicate a breakdown of the lower boundary of the “Wedge” reversal pattern and the beginning of the pattern with targets at the bottom.
GOLD Forecast and analysis December 16, 2022 suggests an attempt to develop a price correction and a test of the resistance area near the level of 1825. Further, the continued fall of the non-ferrous metal quotes with a target below the level of 1725. Cancellation of the option of falling Gold prices will be a strong increase in the cost an asset on the markets and a breakdown of the level of 1855. This will indicate a continued rise in the price of Gold with a potential target above the level of 1915.
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