GOLD continue to move as part of the fall and the beginning of the development of the “Wedge” reversal pattern. At the time of the publication of the forecast, the price of Gold is 1794 USD per Troy Ounce. Moving averages indicate the presence of a short-term bullish trend. Prices have gone up from the area between the signal lines, 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 1805 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 1635.
GOLD Forecast and analysis December 21, 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 lower boundary of the “Wedge” reversal pattern, which was broken down by sellers. Cancellation of the option to reduce the price of Gold on December 20, 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 1755 .
GOLD Forecast and analysis December 21, 2022 suggests an attempt to develop a price correction and a test of the resistance area near the level of 1805. Further, the continued fall of the non-ferrous metal quotes with a target below the level of 1635. Cancellation of the option of falling Gold prices will be a strong increase in value 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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