GOLD continue to move within the correction and the downward channel. At the time of the publication of the forecast, the price of GOLD is 1845 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices are testing the area between the signal lines up again, which indicates pressure from buyers of the asset and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a decline and test the support level near the 1830 area. Where can we expect a rebound and a continued rise in the price of GOLD with a potential target above the level of 1955.
XAU/USD Forecast and GOLD analysis December 10, 2020
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 the completion of the formation of the “Head and Shoulders” reversal pattern. Cancellation of the growth option for GOLD prices on December 10, 2020 will be a fall and a breakdown of the level of 1800. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1755. Expect to accelerate the growth of XAU/USD quotes with the breakdown of the resistance area and closing prices above the level of 1895.
XAU/USD Forecast and GOLD analysis December 10, 2020 implies an attempt to test the support area near the level of 1830. Further, the continuation of the fall in quotations with a target above the level of 1955. Cancellation of the GOLD price growth option will be a fall and a breakdown of the level of 1800. This will indicate breakdown of the support area. In this case, we should expect a continued decline in GOLD with a potential target below the level of 1755.
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