GOLD continue to move within the correction and ascending channel. A bullish Wedge pattern is also forming here. At the time of the publication of the forecast, the price of GOLD is 1873 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. However, prices have broken 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 1855 area. Where can we expect a rebound and continued growth in the price of GOLD with a potential target above the level of 1955.
XAU/USD Forecast and GOLD analysis December 24, 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 lower border of the ascending channel. Cancellation of the growth option for GOLD prices on December 24, 2020 will be a fall and a breakdown of the level of 1825. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1795. Expect to accelerate the growth of XAU/USD quotes with the breakdown of the resistance area and closing prices above the level of 1895.
XAU/USD Forecast and GOLD analysis December 24, 2020 implies an attempt to test the support area near the level of 1855. Further, continued growth of quotations with a target above the level of 1955. 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 1825. 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 1795.
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