GOLD continue to move within the correction and the downward channel. At the time of the publication of the forecast, the price of Gold is 1826 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bullish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the asset and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop growth and test the resistance level near the area of 1835. Where should we expect a rebound down and a continuation of the fall in the price of Gold with a potential target below the level of 1775.
XAU/USD Forecast and GOLD analysis February 10, 2022
An additional signal in favor of falling 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 descending channel. Cancellation of the option of falling prices for Gold on February 10, 2022 will be a strong growth and a breakdown of the level of 1865. This will indicate a breakdown of the resistance area and a continuation of the rise to the area above the level of 1905. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing the price below the level of 1775 , as we can see, the bears are not able to break through this area down.
XAU/USD Forecast and GOLD analysis February 10, 2022 suggests an attempt to test the resistance area near the level of 1835. Further, the quotes continue to fall with the target below the level of 1775. 1865. This will indicate a breakdown of the Gold resistance area. In this case, we should expect a continuation of the rise in the price of Gold with a potential target above the level of 1905.
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