GOLD continue to move as part of the growth and the bullish channel. At the time of the publication of the forecast, the price of Gold is 1873 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bullish trend. Prices have gone up from 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 1850 area. Where should we expect a rebound upwards and continued growth in the price of Gold with a potential target above the level of 1975.
GOLD Forecast and analysis January 12, 2023
An additional signal in favor of the growth of 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 January 12, 2023 will be a fall and a breakdown of the level of 1795. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 1745. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing prices above the level of 1905, which will indicate a breakdown of the upper limit of the bullish channel, and this is a signal to increase the width of the channel.
GOLD Forecast and analysis January 12, 2023 suggests an attempt to develop a price correction and a test of the support area near the level of 1850. Further, the continued growth of non-ferrous metal quotes with a target above the level of 1975. Cancellation of the growth option for Gold prices will be a fall in the value of the asset on the markets and a breakdown of the level of 1795. This will indicate a continued decline in the price of Gold with a potential target below the level of 1745.
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