GOLD continue to move as part of the correction and the formation of the “Triangle” pattern. At the time of the publication of the forecast, the price of GOLD is 1754 Dollars per Troy Oz. As you can see, the bull failed to break through the resistance area. Moving averages indicate a short-term bullish trend. Prices broke through the area between the signal lines upward, which indicates pressure from the sellers of the asset and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a correction and test the support level near the 1735 area. Where can we expect a rebound and a continued rise in the price of GOLD with a potential target above the level of 1825.
XAU/USD Forecast and GOLD analysis April 16, 2021
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 “Triangle” pattern. Cancellation of the option to raise GOLD prices on April 16, 2021 will be a fall and a breakdown of the level of 1705. This will indicate a breakdown of the support area and a continued decline to the area below the level of 1635. Expect an acceleration of the rise in XAU/USD quotes with the breakdown of the resistance area and closing of the price above the level of 1785.
XAU/USD Forecast and GOLD analysis April 16, 2021 implies an attempt to test the support area near the level of 1735. Further, continued growth in quotations with a target above the level of 1825 Cancellation of the option to raise GOLD prices will be the fall in the asset value in the markets and a breakdown of the level of 1705. This will indicate a breakdown of the support area and a breakdown of the lower boundary of the reversal pattern. In this case, we should expect the GOLD price to continue falling with a potential target below the level of 1635.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link