Gold ends the trading week with growth near the 2054 area. XAU/USD quotes continue to move within the growth and bullish channel. Moving averages indicate a bullish trend in Gold. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of price growth. At the moment, we should expect an attempt to develop a price correction and a test of the support level near the 2010 area. Next, a rebound in prices and continued growth of Gold with a potential target above the level of 2175.
GOLD Forecast March 4 — 8, 2024
An additional signal in favor of an increase in quotations and prices for Gold in the current trading week of March 4 — 8, 2024 will be a rebound from the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for XAU/USD quotes will be a fall in price and a breakdown of the 1945 area. This will indicate a breakdown of the support level and a continued fall in Gold prices with a target below the level of 1875. Confirmation of the growth in the value of the asset will be a breakdown of the resistance area and closing quotes above the level of 2095, which will indicate on the breakdown of the upper border of the “Head and Shoulders” reversal pattern and the beginning of the development of the pattern with targets at the top.
GOLD Forecast March 4 — 8, 2024 assumes an attempt to develop a decline and test the support level near the 2010 area. Then, a continued rise in Gold prices with a target above the level of 2175. A test of the trend line on the relative strength index (RSI) will be in favor of raising quotes. Cancellation of the growth option for Gold will be a fall and a breakdown of the level of 1945. This will indicate a continued decline in quotes to the area below the level of 1875.
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