GOLD continue to move as part of the correction and formation of the “Triangle” model. At the time of publication of the forecast, the price of gold is 2017 dollars per troy ounce. Moving averages indicate the presence of 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 continuation of growth already from current levels. At the moment, we should expect a demand for the development of a correction and a test of the support level near the area of 2005. From where should we expect a rebound upwards and a continuation of the increase in the price of Gold with a potential goal of the level of 2065.
GOLD Forecast and analysis for May 16, 2023
An additional signal in favor of a decrease in XAU/USD quotes will be a test of the resistance line on the relative strength indicator. The second signal will be a rebound from the lower border of the “Triangle” model. The cancellation of the option of a fall in gold prices on May 16, 2023 will be a strong rise and a breakdown of the 1990 level. This will indicate a breakdown of the resistance area and a continuation of growth in the area above the level of 1965. We should expect an acceleration of the growth of the XAU/USD quotations with a breakdown of the resistance area and the closing of the price above the 2045 level , which will indicate a breakdown of the upper border of the “Triangle” model and the beginning of pattern development with targets above.
GOLD Forecast and analysis for May 16, 2023 suggests a demand for the development of a price correction and a test of the support area near the level of 2005. Further, the continuation of the growth of the non-ferrous metal quotations with the goal of higher than the level of 2065. The cancellation of the option of an increase in the price of Gold will result in a fall in the value of the asset in the markets and a breakdown of the level of 1990. This will indicate a continuation of the fall in the price of gold with a potential goal below the level of 1965.
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