GOLD completes the trading week near the 1942 area. XAU/USD quotes continue to move as part of the growth and the beginning of the Triangle pattern. Moving averages indicate the presence of a bullish trend for Gold. Prices have broken through the area between the signal lines up, which indicates pressure from buyers and a potential continuation of price growth. At the moment, we should expect an attempt to develop a decrease in prices and a test of the support level near the area of 1895. Further, the continuation of the growth in the price of Gold with a potential target above the level of 2185.
GOLD Weekly Forecast March 7 — 11, 2022
An additional signal in favor of the rise in quotes and prices for Gold in the current trading week March 7 — 11, 2022 will be a test of the trend line on the relative strength index, while the indicator values are testing the resistance area. The second signal will be a rebound from the upper border of the Triangle model. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the 1745 area. This will indicate a breakdown of the support level and a continued fall in Gold prices with a target below the level of 1665. A 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 2005.
GOLD Weekly Forecast March 7 — 11, 2022 suggests an attempt to test the support level near the area of 1895. Then, the continued growth in Gold prices with a target above the level of 2185. A test of the trend line on the relative strength index (RSI) will come out in favor of the rise in quotes. Cancellation of the growth option for GOLD will be a fall and a breakdown of the level of 1745. This will indicate a continued decline in quotes to the area below the level of 1665.
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