GOLD continue to move within the correction and the bullish channel. At the time of the publication of the forecast, the price of Gold is 1971 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bullish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall 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 1920 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 25, 2023
An additional signal in favor of the rise 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 bullish channel. Cancellation of the option to raise the price of Gold on May 25, 2023 will be a fall and a breakdown of the level of 1890. This will indicate a breakdown of the support area and a continued decline in the asset’s quotes to the area below the level of 1845. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing the price above the level 2025, which will indicate a breakdown of the upper limit of the downward correction channel.
GOLD Forecast and analysis for May 25, 2023 suggests an attempt to develop a price correction and a test of the support area near the level of 1920. 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 1890. This will indicate a continued fall in the price of Gold with a potential target below the level of 1845.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link