GOLD continue to move within the framework of the correction and the start of working out the large “Wedge” model. At the time of the publication of the forecast, the price of Gold is 1813 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bullish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall already from current levels. At the moment, we should expect an attempt to develop growth and test the resistance level near the 1820 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 1755.
XAU/USD Forecast and GOLD analysis February 8, 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 lower boundary of the “Wedge” reversal pattern. Cancellation of the option of falling prices for Gold on February 8, 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 1915. 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 1775 , as we can see, it is not possible to break through this area down.
XAU/USD Forecast and GOLD analysis February 8, 2022 suggests an attempt to test the resistance area near the level of 1820. Further, the quotes continue to fall with a target below the level of 1755. 1865. 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 1915.
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