GOLD is completing the trading week near the area of 1694. XAU/USD quotes continue to move within the fall and the downtrend channel. Moving averages indicate a bullish trend for Gold. However, prices have strongly broken down the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall. At the moment, we should expect an attempt to develop a decline in prices and a test of the support level near the area of 1675. Further, the continued growth of the GOLD price with a potential target above the level of 1975.
GOLD Price Forecast and Weekly Analysis March 8 — 12, 2021
An additional signal in favor of a rise in quotations and prices for GOLD in the current trading week on March 8 — 12, 2021 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of 1585. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below 1525. Confirmation of the growth in the value of the asset will be a breakdown of the resistance area and closing of quotes above the level of 1955, which will indicate breakdown of the upper border of the descending channel.
GOLD Price Forecast and Weekly Analysis March 8 — 12, 2021 assumes an attempt to test the support level near the area of 1675. Then, the GOLD prices will continue to rise with a target above the level of 1975. A test of the trend line on the relative strength index (RSI) will be in favor of the rise in quotes. Cancellation of the GOLD growth option will be a fall and a breakdown of the level of 1585. This will indicate a continued decline in quotations to the area below the level of 1525.
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