GOLD continue to move as part of the fall and the downward channel. At the time of publication of the forecast, the price of Gold is 1849 USD per Troy Ounce. Moving averages indicate the presence of a short-term bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop a correction and test the resistance level near the 1880 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 1785.
GOLD Forecast and analysis February 16, 2023
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 descending channel. Cancellation of the option of falling prices for Gold on February 16, 2023 will be a strong growth and a breakdown of the level of 1905. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1965. 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 1825 , which will indicate a breakdown of the lower border of the descending channel, and this is a signal to fall on the width of the channel.
GOLD Forecast and analysis February 16, 2023 suggests an attempt to develop a price correction and a test of the resistance area near the level of 1880. Further, the continued fall of the non-ferrous metal quotes with a target below the level of 1785. an asset on the markets and a breakdown of the level of 1905. This will indicate a continued rise in the price of Gold with a potential target above the level of 1965.
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