GOLD continue to move within the correction and the bullish channel. At the time of the publication of the forecast, the price of Gold is 1855 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 a correction and test the support level near the 1840 area. Where should we expect a rebound upwards and a continuation of the rise in the price of Gold with a potential target above the level of 1915.
XAU/USD Forecast and GOLD analysis February 17, 2022
An additional signal in favor of the growth of 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 lower border of the bullish channel, as well as from the “Wolfe Wave” model. Cancellation of the growth option for Gold prices on February 17, 2022 will be a fall and a breakdown of the level of 1825. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 1775. It is worth expecting an acceleration of the rise in XAU/USD quotes with a breakdown of the resistance area and closing the price above the level of 1885.
XAU/USD Forecast and GOLD analysis February 17, 2022 suggests an attempt to test the support area near the level of 1840. Further, the continuation of the growth of quotations with a target above the level of 1915. Cancellation of the option to raise the price of Gold will be a fall in the value of the asset in the markets and a breakdown of the level of 1825 This will indicate a breakdown of the support area for Gold. In this case, we should expect a continued decline in the price of Gold with a potential target below the level of 1775.
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