GOLD continue to move as part of the correction and the formation of the “Head and Shoulders” pattern. At the time of the publication of the forecast, the price of GOLD is 1826 Dollars per Troy Oz. Moving averages indicate a short-term sideways trend. Prices went down from 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 growth and test the resistance 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 1765.
XAU/USD Forecast and GOLD analysis December 15, 2020
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 the completion of the formation of the “Head and Shoulders” reversal pattern. Cancellation of the option of falling GOLD prices on December 15, 2020 will be a strong growth and a breakdown of the level of 1875. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 1935. Expect to accelerate the fall in XAU/USD quotes with the breakdown of the support area and closing of the price below 1805.
XAU/USD Forecast and GOLD analysis December 15, 2020 implies an attempt to test the resistance area near the level of 1830. Further, the continuation of the fall in quotations with a target above the level of 1765. Cancellation of the option of falling GOLD prices will be a strong growth and a breakdown of the level of 1875. This will indicate on the breakdown of the resistance area. In this case, we should expect a continuation of the rise in GOLD with a potential target above the level of 1935.
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