The quotes of XAU/USD continue to move as part of the development of growth and a bullish channel. At the time of publication of the forecast, the price of Gold is 2191 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 growth and a test of the resistance level near the 2205 area. From where we can expect a downward rebound and a continued fall in the price of Gold with a potential target below the level of 2085.
GOLD Forecast and analysis for March 28, 2024
An additional signal in favor of a fall in 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 boundary of the Head and Shoulders reversal pattern. Cancellation of the option to reduce prices for Gold on March 28, 2024 will be a strong rise in prices and a breakdown of the level of 2265. This will indicate a breakdown of the resistance area and continued growth of asset quotes to the area above the level of 2325. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and price closing below the level of 2140, which will indicate a breakdown of the lower boundary of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets below.
GOLD Forecast and analysis for March 28, 2024 assumes an attempt to develop a price correction and test the resistance area near the level of 2205. Further, a continued fall in quotations of the non-ferrous metal with a target below the level of 2085. The cancellation of the option to reduce prices for Gold will be a strong increase in value asset in the markets and a breakdown of the level of 2265. This will indicate a continued rise in the price of Gold with a potential target above the level of 2325.
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