GOLD continue to move within the correction and the bullish channel. At the time of publication of the forecast, the price of Gold is 2035 USD per Troy Ounce. Moving averages indicate the presence of a short-term bullish trend. Prices have broken through the area between the signal lines up, 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 2025 area. Where should we expect a rebound upwards and continued growth in the price of Gold with a potential target above the level of 2105.
GOLD Forecast and analysis for May 5, 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 bullish channel. Cancellation of the option of falling Gold prices on May 5, 2023 will be a strong growth and a breakdown of the level of 2000. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1965. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing prices above the level of 2065 .
GOLD Forecast and analysis for May 5, 2023 suggests an attempt to develop a price correction and a test of the support area near the level of 2025. Further, the continued growth of non-ferrous metal quotes with a target above the level of 2105. on the markets and a breakdown of the level of 2000. This will indicate a continued fall in the price of Gold with a potential target below the level of 1965.
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