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 1877 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. However, prices broke up the area between the signal lines, which indicates pressure from the buyers of the asset and a potential continuation of the rise from the current levels. At the moment, we should expect an attempt to develop a decline and test the support level near the area of 1835. Where can we expect a rebound and continued growth in the price of GOLD with a potential target above the level of 1975.
XAU/USD Forecast and GOLD analysis December 18, 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 border of the descending channel. Cancellation of the growth option for GOLD prices on December 18, 2020 will be a fall and a breakdown of the level of 1795. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1745. Expect to accelerate the growth of XAU/USD quotes with the breakdown of the resistance area and closing prices above the level of 1880.
XAU/USD Forecast and GOLD analysis December 18, 2020 implies an attempt to test the support area near the level of 1835. Further, continued growth of quotations with a target above the level of 1975. Cancellation of the option of raising GOLD prices will be stronger than the fall in the asset value in the markets and a breakdown of the level 1795. This will indicate a breakdown of the support area. In this case, we should expect the GOLD price to continue to decline with a potential target below the level of 1745.
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