GOLD continue to move as part of the fall and the formation of a “Double Bottom” reversal pattern. At the time of the publication of the forecast, the price of GOLD is 1731 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices are again pushing the area between the signal lines, 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 1705 area. Where can we expect a rebound and a continued rise in the price of GOLD with a potential target above the level of 1835.
XAU/USD Forecast and GOLD analysis April 7, 2021
An additional signal in favor of the growth of the 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 “Double Bottom” reversal pattern. Cancellation of the option to raise GOLD prices on April 7, 2021 will be a fall and a breakdown of the level of 1635. This will indicate a breakdown of the support area and a continued decline to the area below the level of 1545. Expect an acceleration of the rise in the XAU/USD quotes with the breakdown of the resistance area and closing of the price above the level of 1765, which will indicate a breakdown of the upper border of the descending channel.
XAU/USD Forecast and GOLD analysis April 7, 2021 implies an attempt to test the support area near the level of 1705. Further, the growth of quotations with a target above the level of 1835 will continue. 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 1545.
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