GOLD continue to move within the bearish correction and the downward channel. At the time of the publication of the forecast, the price of Gold is 1957 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall already from current levels. At the moment, we should expect an attempt to develop a correction and a test of the support level near the 1945 area. Where should we expect a rebound upwards and continued growth in the price of Gold with a potential target above the level of 2025.
GOLD Forecast and analysis for June 1, 2023
An additional signal in favor of the rise in 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 upper border of the descending channel. Cancellation of the option to raise the price of Gold on June 1, 2023 will be a fall and a breakdown of the level of 1920. This will indicate a breakdown of the support area and a continued decline in the asset’s quotes to the area below the level of 1865. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing the price above the level 1985, which will indicate the breakdown of the upper boundary of the next downward channel.
GOLD Forecast and analysis for June 1, 2023 suggests an attempt to develop a price correction and a test of the support area near the level of 1945. Further, the continued growth of non-ferrous metal quotes with a target above the level of 2025. on the markets and a breakdown of the level of 1920. This will indicate a continued fall in the price of Gold with a potential target below the level of 1865.
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