GOLD continue to move within the bearish correction and the bullish 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 test the support level near the 1930 area. Where should we expect a rebound upwards and continued growth in the price of Gold with a potential target above the level of 2045.
GOLD Forecast and analysis for June 7, 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 7, 2023 will be a fall and a breakdown of the level of 1905. 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 “Wedge” reversal pattern and the beginning of the pattern with targets at the top.
GOLD Forecast and analysis for June 7, 2023 suggests an attempt to develop a price correction and a test of the support area near the level of 1930. Further, the continued growth of non-ferrous metal quotes with a target above the level of 2045. Cancellation of the option of raising the price of Gold will be a fall in the value of the asset on the markets and a breakdown of the level of 1905. This will indicate a continued fall in the price of Gold with a potential target below the level of 1865.
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