GOLD continue to move as part of the correction and the formation of the “Wedge” reversal pattern. At the time of the publication of the forecast, the price of GOLD is 1795 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 1760 area. Where can we expect a rebound and continued growth in the price of GOLD with a potential target above the level of 1875.
XAU/USD Forecast and GOLD analysis February 25, 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 border of the bullish Wedge pattern. Cancellation of the option to raise GOLD prices on February 25, 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 1665. 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 1835.
XAU/USD Forecast and GOLD analysis February 25, 2021 implies an attempt to test the support area near the level of 1760. Further, the growth of quotations with a target above the level of 1875 will continue. This will indicate a breakdown of the support area and the lower boundary of the “Wedge” pattern. In this case, we should expect the GOLD price to continue falling with a potential target below the level of 1665.
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