GOLD continue to move as part of the growth and the beginning of the development of the next bullish “Wolfe Wave” pattern. At the time of the publication of the forecast, the price of GOLD is 1806 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices are testing the area between the signal lines, 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 correction and test the support level near the 1765 area. Where can we expect a rebound and continued growth in the price of GOLD with a potential target above the level of 1915.
XAU/USD Forecast and GOLD analysis February 23, 2021
An additional signal in favor of the growth of 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 boundary of the bullish Wolfe Wave pattern. Cancellation of the option to raise GOLD prices on February 23, 2021 will be a fall and a breakdown of the level of 1725. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1685. Expect to accelerate the growth of XAU/USD quotes with the breakdown of the resistance area and closing of the price above the level of 1825.
XAU/USD Forecast and GOLD analysis February 23, 2021 suggests an attempt to test the support area near the level of 1765. Further, the growth of quotations with a target above the level of 1915 will continue. Cancellation of the option to raise GOLD prices will be the fall in the asset value in the markets and a breakdown of the level of 1725 This will indicate a breakdown of the support area and the lower boundary of the “Wolfe Wave” pattern. In this case, we should expect the GOLD price to continue falling with a potential target below the level of 1685.
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