The quotes of XAU/USD continue to move as part of the development of the correction and the formation of the “Wedge” reversal pattern. At the time of publication of the forecast, the price of Gold is 2157 Dollars per Troy Ounce. Moving averages indicate a short-term bullish trend. Prices have broken through the area between the signal lines upward, 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 area of 2145. From where we can expect a rebound upward and continued growth in the price of Gold with a potential target above the level of 2235.
GOLD Forecast and analysis for March 20, 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 lower border of the “Wedge” pattern. Cancellation of the option to raise Gold prices on March 20, 2024 will be a fall in prices and a breakdown of the level of 2105. This will indicate a breakdown of the support area and a continued fall in asset quotes to the area below the level of 2075. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing prices above level 2175, which will indicate a breakdown of the upper boundary of the “Wedge” pattern and the beginning of the development of the model with targets at the top.
GOLD Forecast and analysis for March 20, 2024 assumes an attempt to develop a price correction and test the support area near the level of 2145. Further, continued growth in quotations of the non-ferrous metal with a target above the level of 2235. The cancellation of the option to raise prices for Gold will be a fall in the value of the asset in the markets and a breakdown of the level of 2105. This will indicate a continued decline in the price of Gold with a potential target below the level of 2075.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
