GOLD continue to move as part of the correction and the formation of the “Wedge” reversal pattern. At the time of the publication of the forecast, the price of Gold is 1983 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 a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a correction and a test of the support level near the 1975 area. Where should we expect a rebound upwards and continued growth in the price of Gold with a potential target above the level of 2065.
GOLD Forecast and analysis for May 19, 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 index (RSI). The second signal will be a rebound from the lower border of the “Wedge” reversal pattern. Cancellation of the option of falling prices for Gold on May 19, 2023 will be a strong growth and a breakdown of the level of 1930. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1865. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing prices above the level of 2035 , which will indicate the breakdown of the upper boundary of the “Wedge” reversal pattern and the beginning of the pattern with targets at the top.
GOLD Forecast and analysis for May 19, 2023 suggests an attempt to develop a price correction and a test of the support area near the level of 1975. Further, the continued growth of non-ferrous metal quotes with a target above the level of 2065. on the markets and a breakdown of the level of 1930. This will indicate a continued fall in the price of Gold with a potential target below the level of 1865.
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