GOLD continue to move as part of the rise and the descending 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 upward, 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 bullish correction and test the resistance level near the 1770 area. Where can we expect an upward rebound and a continued rise in the GOLD price with a potential target above the level of 1845.
XAU/USD Forecast and GOLD analysis December 17, 2021
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 border of the descending channel, which was broken up by buyers. Cancellation of the option to raise GOLD prices on December 17, 2021 will be a fall and a breakdown of the level of 1745. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1695. Expect an acceleration of the rise in XAU/USD quotes with the breakdown of the resistance area and closing of the price above 1805.
XAU/USD Forecast and GOLD analysis December 17, 2021 implies an attempt to test the support area near the level of 1770. Further, the continuation of the rise in quotations with a target above the level of 1845. Cancellation of the option of rising GOLD prices will be the fall in the asset value in the markets and a breakdown of the level of 1745 This will indicate a breakdown of the support area for Gold. In this case, we should expect the GOLD price to continue to decline with a potential target below the level of 1695.
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