GOLD continue to move within the fall and the bullish channel. There is also a potential for the formation of a “Head and Shoulders” reversal pattern. At the time of the publication of the forecast, the price of GOLD is 1790 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices broke through the area between the signal lines downward, 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 bullish correction and a test of the resistance level near the 1815 area. Where can we expect a rebound down and a continued fall in the price of GOLD with a potential target below the level of 1745.
XAU/USD Forecast and GOLD analysis December 30, 2021
An additional signal in favor of reducing the XAU/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the “Head and Shoulders” reversal pattern. Cancellation of the option of falling GOLD prices on December 30, 2021 will be a strong growth and a breakdown of the level of 1825. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1855. Expect to accelerate the fall in XAU/USD quotes with the breakdown of the support area and closing of the price below 1775 , which will indicate a breakdown of the lower boundary of the bullish channel.
XAU/USD Forecast and GOLD analysis December 30, 2021 implies an attempt to test the resistance area near the level of 1815. Further, the continuation of the fall in quotations with a target below the level of 1745. Cancellation of the option to reduce GOLD prices will be a strong growth in the asset value in the markets and a breakdown of the level 1825. This will indicate a breakdown of the resistance area for Gold. In this case, we should expect the GOLD price to continue to grow with a potential target above the level of 1855.
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