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 2026 Dollars per Troy Ounce. Moving averages indicate a short-term bullish trend. Prices are again testing the area between the signal lines, 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 bearish correction and a test of the support level near the 2010 area. From where we can expect a rebound upward and continued growth in the price of Gold with a potential target above the level of 2065.
GOLD Forecast and analysis for March 1, 2024
An additional signal in favor of growth 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 downward channel. Cancellation of the option to raise Gold prices on March 1, 2024 will be a fall in prices and a breakdown of the 1990 level. This will indicate a breakdown of the support area and a continued fall in asset quotes to the area below the 1945 level. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing prices above level 2045, which will indicate a breakdown of the upper boundary of the downward channel.
GOLD Forecast and analysis for March 1, 2024 assumes an attempt to develop a price correction and test the support area near the 2010 level. Further, continued growth in quotations of the non-ferrous metal with a target above the level of 2065. The cancellation of the option to raise Gold prices will be a fall in the value of the asset in the markets and a breakdown of the 1990 level. This will indicate a continued decline in the price of Gold with a potential target below the 1945 level.
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