GOLD continue to move within the framework of the growth and the ascending channel. A bullish “Triangle” pattern is also forming here. At the time of the publication of the forecast, the price of GOLD is 1876 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices are testing the area between the signal lines, which indicates pressure from 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 1865 area. Where can we expect a rebound and continued growth in the price of GOLD with a potential target above the level of 1965.
XAU/USD Forecast and GOLD analysis December 29, 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 29, 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 1785. Expect to accelerate the growth of XAU/USD quotes with the breakdown of the resistance area and closing prices above the level of 1925.
XAU/USD Forecast and GOLD analysis December 29, 2020 implies an attempt to test the support area near the level of 1865. Further, the continuation of the growth of quotations with a target above the level of 1965. Cancellation of the option of raising GOLD prices will be stronger than the fall in the asset value in the markets and the 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 1785.
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