GOLD continue to move within the decline and ascending channel. At the time of the publication of the forecast, the price of GOLD is 1843 Dollars per Troy Oz. Moving averages indicate a short-term sideways trend. Prices broke through the area between the signal lines downward, 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 decline and test the support level near the 1825 area. Where can we expect a rebound and continued growth in the price of GOLD with a potential target above the level of 1920.
XAU/USD Forecast and GOLD analysis February 3, 2021
An additional signal in favor of raising the 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 ascending channel. Cancellation of the growth option for GOLD prices on February 3, 2021 will be a fall and a breakdown of the level of 1805. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1765. Expect to accelerate growth in XAU/USD quotes with the breakdown of the resistance area and closing of the price above the level of 1885.
XAU/USD Forecast and GOLD analysis February 3, 2021 imply an attempt to test the support area near the level of 1825. Further, the growth of quotations with a target above the level of 1920 will continue. Cancellation of the option to raise GOLD prices will be stronger than the fall in the asset value in the markets and a breakdown of the level 1805. This will indicate a breakdown of the support area. In this case, we should expect the GOLD price to continue to decline with a potential target below the level of 1765.
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