GOLD continue to move as part of the growth and left the descending channel. 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 are testing the areas 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 a test of the support level near the 1805 area. Where can we expect a rebound and a continued rise in the price of GOLD with a potential target above the level of 1905.
XAU/USD Forecast and GOLD analysis December 3, 2020
An additional signal in favor of the growth of 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 3, 2020 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 to accelerate the growth of XAU/USD quotes with the breakdown of the resistance area and closing of the price above the level of 1835.
XAU/USD Forecast and GOLD analysis December 3, 2020 implies an attempt to test the support area near the level of 1805. Further, the continuation of the fall in quotations with a target above the level of 1905. Cancellation of the GOLD price growth option will be a fall and a breakdown of the level of 1745. 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 1695.
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