GOLD continue to move within the correction and the downward channel. There is potential for a bullish Wolfe Wave pattern to form. At the time of the publication of the forecast, the price of Gold is 1835 USD 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 1845 area. 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 1780.
XAU/USD Forecast and GOLD analysis February 11, 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 11, 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 1805.
XAU/USD Forecast and GOLD analysis February 11, 2022 suggests an attempt to test the resistance area near the level of 1845. Further, the quotes continue to fall with a target below the level of 1780. 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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