GOLD continue to move as part of a strong fall and a bullish channel. At the time of the publication of the forecast, the price of Gold is 1872 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bullish trend. Prices are again testing 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 correction and test the support level near the 1840 area. Where should we expect a rebound upwards and continued growth in the price of Gold with a potential target above the level of 1985.
GOLD Forecast and analysis February 8, 2023
An additional signal in favor of the growth of XAU/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to raise the price of Gold on February 8, 2023 will be a fall and a breakdown of the level of 1825. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 1795. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing prices above the level of 1995, which will indicate a breakdown of the upper boundary of the descending channel.
GOLD Forecast and analysis February 8, 2023 suggests an attempt to develop a price correction and a test of the support area near the level of 1840. Further, the continued growth of non-ferrous metal quotes with a target above the level of 1985. Cancellation of the growth option for Gold prices will be a fall in the value of the asset on the markets and a breakdown of the level of 1825. This will indicate a continued decline in the price of Gold with a potential target below the level of 1795.
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