GOLD continue to move as part of the fall and the downward channel. At the time of the publication of the forecast, the price of Gold is 1844 USD per Troy Ounce. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall already from current levels. At the moment, we should expect an attempt to develop a correction and test the resistance level near the area of 1865. 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 1735.
GOLD Forecast and analysis February 22, 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 22, 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 1805.
GOLD Forecast and analysis February 22, 2023 suggests an attempt to develop a price correction and test the resistance area near the level of 1865. Further, the continued fall of the base metal quotes with the target below the level of 1735. Cancellation of the option to reduce the price of Gold will be a strong increase in the cost 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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