GOLD continue to move within the framework of the growth and the ascending channel. Here, the “Triangle” model is formed. At the time of the publication of the forecast, the price of GOLD is 1885 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices bounce off 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 1875 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 31, 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 “Triangle” pattern. Cancellation of the growth option for GOLD prices on December 31, 2020 will be a fall and a breakdown of the level of 1840. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1795. Expect acceleration of growth in XAU/USD quotes with the breakdown of the resistance area and closing of the price above the level of 1915.
XAU/USD Forecast and GOLD analysis December 31, 2020 implies an attempt to test the support area near the level of 1875. Further, the growth of quotations with a target above the level of 1955 will continue. 1840. 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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