GOLD continue to move within the framework of growth and have left the limits of the “Wedge” reversal pattern. At the time of publication of the forecast, the price of GOLD is 1836 USD per Troy Ounce. Moving averages indicate the presence of a short-term bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop a correction and test the resistance level near the area of 1815. Where should we expect a rebound upwards and continued growth in the price of Gold with a potential target above the level of 1915.
GOLD Forecast and analysis March 3, 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 upper border of the “Wedge” reversal pattern. Cancellation of the option to raise the price of Gold on March 3, 2023 will be a fall and a breakdown of the level of 1865. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1775. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing the price above the level of 1875.
GOLD Forecast and analysis March 3, 2023 suggests an attempt to develop a price correction and a test of the support area near the level of 1815. Further, the continued growth of non-ferrous metal quotes with a target above the level of 1915. Cancellation of the option of raising the price of Gold will be a fall in the value of the asset on the markets and a breakdown of the level of 1865. This will indicate a continued decline in the price of Gold with a potential target below the level of 1775.
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