The quotes of XAU/USD continue to move as part of the fall and the start of the bearish Wolfe Wave pattern. At the time of publication of the forecast, the price of Gold is 1977 Dollars per Troy Ounce. Moving averages indicate a short-term bullish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the asset and a potential continuation of the fall from current levels. At the moment, we can expect an attempt to develop a bullish correction and a test of the resistance level near the 1995 area. From where we can expect a rebound downwards and a continuation of the fall in the price of Gold with a potential target below the level of 1905.
GOLD Forecast and analysis for December 12, 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 lower border of the bullish channel, which was broken down by sellers. Cancellation of the option to reduce prices for Gold on December 12, 2023 will be a strong rise in prices and a breakdown of the level of 2045. This will indicate a breakdown of the resistance area and continued growth of asset quotes to the area above the level of 2105. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing prices below the 1965 level.
GOLD Forecast and analysis for December 12, 2023 assumes an attempt to develop a price correction and test the resistance area near the 1995 level. Further, a continued fall in quotations of the non-ferrous metal with a target below the level of 1905. The cancellation of the option to reduce prices for Gold will be a strong increase in value asset in the markets and a breakdown of the level of 2045. This will indicate a continued rise in the price of Gold with a potential target above the level of 2105.
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