The quotes of XAU/USD continue to move within a downtrend and the formation of a reversal pattern called a “wedge.” At the time of the forecast publication, the price of Gold is $1936 per Troy ounce. The moving averages indicate the presence of a short-term bearish trend. Prices have broken below the area between the signal lines, indicating pressure from sellers of the asset and a potential continuation of the price decline from current levels. Currently, we can expect an attempt to further decrease the price and test the support level near the 1930 area. From there, we can anticipate a rebound upwards and a continuation of the price rise for Gold with a potential target above the 2045 level.
GOLD Forecast and analysis for June 22, 2023
An additional signal in favor of an increase in XAU/USD quotes will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower boundary of the wedge reversal pattern. The cancellation of the price increase scenario for Gold on June 22, 2023, will occur with a decline and a breakthrough below 1905. This would indicate a breakthrough of the support area and a continuation of the decline in the asset’s quotes towards a level below 1865. Expectations of an acceleration in the rise of XAU/USD quotes should be considered with a breakthrough of the resistance area and the price closing above the 1975 level, indicating a breakthrough of the upper boundary of the wedge pattern and the initiation of the pattern’s targets to the upside.
GOLD Forecast and analysis for June 22, 2023 suggests an attempt to develop a price correction and test the support area near the 1930 level, followed by a continuation of the rise in gold quotes with a target above the 2045 level. The cancellation of the price increase scenario for Gold will occur with a decline in the asset’s price and a breakthrough below the 1905 level. This would indicate a continuation of the decline in the price of Gold with a potential target below the 1865 level.
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