GOLD continue to move as part of strong growth and the start of the Triangle pattern. At the time of publication of the forecast, the price of Gold is 2019 Dollars 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 correction and test the support level near the 1995 area. Where should we expect a rebound upwards and continued growth in the price of Gold with a potential target above the level of 2145.
GOLD Forecast and analysis for April 7, 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 Triangle pattern. Cancellation of the option of falling prices for Gold on April 6, 2023 will be a strong growth and a breakdown of the level of 1935. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1885. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing prices above the level of 2065 , which will indicate a breakdown of the upper limit of the bullish channel.
GOLD Forecast and analysis for April 7, 2023 suggests an attempt to develop a price correction and a test of the support area near the level of 1995. Further, the continued growth of non-ferrous metal quotes with a target above the level of 2145. Cancellation of the option of raising Gold prices will be a fall in the value of the asset on the markets and a breakdown of the level of 1935. This will indicate a continued fall in the price of Gold with a potential target below the level of 1885.
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