GOLD continue to move within the fall and the downtrend channel. At the time of the publication of the forecast, the price of GOLD is 1792 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices broke through the area between the signal lines downward, 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 growth and test the resistance level near the 1805 area. Where can we expect a rebound down and the continued fall in the price of GOLD with a potential target below the level of 1735.
XAU/USD Forecast and GOLD analysis December 1, 2021
An additional signal in favor of reducing the XAU/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling GOLD prices on December 1, 2021 will be a strong growth and a breakdown of the level of 1835. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 1875. Expect to accelerate the fall in XAU/USD quotes with the breakdown of the support area and closing of the price below 1775, which will indicate a breakdown of the lower border of the ”Head and Shoulders” pattern.
XAU/USD Forecast and GOLD analysis December 1, 2021 implies an attempt to test the resistance area near the level of 1805. Further, the continuation of the fall in quotations with a target below the level of 1735. Cancellation of the option to lower GOLD prices will be a strong increase in the value of the asset in the markets and a breakdown of the level 1835. This will indicate a breakdown of the resistance area. In this case, we should expect the GOLD price to continue to rise with a potential target above the level of 1875.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link