GOLD continue to move within the framework of growth and have left the limits of the “Wedge” reversal pattern. At the time of the publication of the forecast, the price of Gold is 1851 Dollars 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 a test of the resistance level near the 1830 area. Where should we expect a rebound upwards and continued growth in the price of Gold with a potential target above the level of 1935.
GOLD Forecast and analysis March 7, 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 hailstone of the bullish channel. Cancellation of the option to raise the price of Gold on March 7, 2023 will be a fall and a breakdown of the level of 1785. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1745. 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 7, 2023 suggests an attempt to develop a price correction and a test of the support area near the level of 1830. Further, the continued growth of non-ferrous metal quotes with a target above the level of 1935. on the markets and a breakdown of the level of 1785. This will indicate a continued decline in the price of Gold with a potential target below the level of 1745.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
