GOLD continue to move as part of the growth and the downward channel. At the time of the publication of the forecast, the price of GOLD is 1851 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices are again testing 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 decline and test the support level near the 1835 area. Where can we expect a rebound and continued growth in the price of GOLD with a potential target above the level of 1985.
XAU/USD Forecast and GOLD analysis December 17, 2020
An additional signal in favor of raising 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 upper curtain of the descending channel. Cancellation of the growth option for GOLD prices on December 17, 2020 will be a fall and a breakdown of the level of 1785. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1735. Expect to accelerate the growth of XAU/USD quotes with the breakdown of the resistance area and closing of the price above the level of 1880.
XAU/USD Forecast and GOLD analysis December 17, 2020 implies an attempt to test the resistance area near the level of 1835. Further, the continuation of the fall in quotations with a target above the level of 1985. Cancellation of the option of falling GOLD prices will be strong growth and a breakdown of the level of 1785. 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 1735.
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