The quotes of XAU/USD continue to move within the development of growth and a bearish channel. At the time of publication of the forecast, the price of Gold is 2034 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 bullish correction and a test of the resistance level near the 2045 area. From where we can expect a downward rebound and a continued fall in the price of Gold with a potential target below the 1970 level.
GOLD Forecast and analysis for February 28, 2024
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 downward channel. Cancellation of the option of falling prices for Gold on February 28, 2024 will be a strong rise in prices and a breakdown of the level of 2065. 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 price closing below the 2015 level.
GOLD Forecast and analysis for February 28, 2024 assumes an attempt to develop a price correction and test the resistance area near the level of 2045. Further, a continued fall in quotations of the non-ferrous metal with a target below the level of 1970. 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 2065. This will indicate a continued rise in the price of Gold with a potential target above the level of 2105.
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