GOLD continue to move as part of the growth and the formation of the bullish ”Wolfe Wave” pattern. At the time of the publication of the forecast, the price of GOLD is 1803 Dollars per Troy Oz. Moving averages indicate a short-term bearish 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 a decline and test the support level near the 1775 area. Where can we expect a rebound and a continued rise in the price of GOLD with a potential target above the level of 1985.
XAU/USD Forecast and GOLD analysis December 2, 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), which the bulls confidently broke up. The second signal will be a rebound from the lower boundary of the bullish ”Wolfe Wave” pattern. Cancellation of the growth option for GOLD prices on December 2, 2020 will be a fall and a breakdown of the level of 1740. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1685. 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 1845.
XAU/USD Forecast and GOLD analysis December 2, 2020 implies an attempt to test the support area near the level of 1775. Further, the continuation of the fall in quotations with a target above the level of 1985. Cancellation of the GOLD price growth option will be a fall and a breakdown of the level of 1740. This will indicate breakdown of the support area. In this case, we should expect the continuation of the decline in GOLD with a potential target below the level of 1685.
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