GOLD continue to move within the correction and the bullish channel. At the time of the publication of the forecast, the price of Gold is 1925 USD per Troy Ounce. Moving averages indicate the presence of a short-term bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a decline and test the support level near the 1915 area. Where should we expect a rebound upwards and a continuation of the rise in the price of Gold with a potential target above the level of 2025.
XAU/USD Forecast and GOLD analysis April 6, 2022
An additional signal in favor of the rise in 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 border of the bullish channel. Cancellation of the option to raise the price of Gold on April 6, 2022 will be a fall and a breakdown of the level of 1870. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 1825. It is worth expecting an acceleration of the rise in XAU/USD quotes with a breakdown of the resistance area and closing the price above the level of 1945, which will indicate a breakdown of the upper boundary of the “Wedge” model.
XAU/USD Forecast and GOLD analysis April 6, 2022 suggests an attempt to test the support area near the level of 1915. Further, the continuation of the growth of quotations with a target above the level of 2025. Cancellation of the option of raising the price of Gold will be a fall in the value of the asset in the markets and a breakdown of the level of 1870 This will indicate a breakdown of the area of decline in Gold. In this case, we should expect the continuation of the fall in the price of Gold with a potential target below the level of 1825.
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