GOLD continue to move as part of the correction and the formation of the “Triangle” model. At the time of the publication of the forecast, the price of Gold is 1944 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 bullish correction and a test of the resistance level near the 1950 area. Where should we expect a rebound down and a continuation of the fall in the price of Gold with a potential target below the level of 1865.
GOLD Forecast and analysis for June 9, 2023
An additional signal in favor of falling 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 descending channel. Cancellation of the option to reduce the price of Gold on June 8, 2023 will be a strong growth and a breakdown of the level of 2005. This will indicate a breakdown of the resistance area and continued growth of the asset’s quotes to the area above the level of 2045. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing the price under the level of 1915, which will indicate a breakdown of the lower boundary of the “Triangle” model and the start of working out the model with targets below.
GOLD Forecast and analysis for June 9, 2023 suggests an attempt to develop a price correction and a test of the resistance area near the level of 1950. Further, the continued fall of the base metal quotes with a target above the level of 1865. Cancellation of the option to reduce the price of Gold will be a strong increase in the cost asset on the markets and a breakdown of the level of 2005. This will indicate a continued increase in the price of Gold with a potential target above the level of 2045.
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