The quotes of XAU/USD continue to move as part of the growth and formation of the “Head and Shoulders” reversal pattern. At the time of publication of the forecast, the price of Gold is 2027 Dollars per Troy Ounce. Moving averages indicate a short-term bearish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the asset and potential continued growth from current levels. At the moment, we can expect an attempt to develop a rise and a test of the resistance level near the 2055 area. From where we can expect a rebound downwards and a continued fall in the price of Gold with a potential target below the level of 1875.
GOLD Forecast and analysis for December 20, 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 boundary of the Head and Shoulders reversal pattern. Cancellation of the option of falling prices for Gold on December 20, 2023 will be a strong rise in prices and a breakdown of the level of 2135. This will indicate a breakdown of the resistance area and continued growth of asset quotes to the area above the level of 2195. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing prices below the level of 1965, which will indicate a breakdown of the lower boundary of the “Head and Shoulders” reversal pattern and the beginning of a pattern with targets below.
GOLD Forecast and analysis for December 20, 2023 assumes an attempt to develop a price correction and test the resistance area near the level of 2055. Further, a continued fall in quotations of the non-ferrous metal with a target below the level of 1875. The cancellation of the option of falling prices for Gold will be a strong increase in value asset in the markets and a breakdown of the level of 2135. This will indicate a continued rise in the price of Gold with a potential target above the level of 2195.
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