GOLD continue to move as part of the correction and the formation of the bullish “Wolfe Wave” pattern. At the time of the publication of the forecast, the price of GOLD is 1816 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices broke 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 1785 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 9, 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 boundary of the bullish ”Wolfe Wave” pattern. Cancellation of the growth option for GOLD prices on February 9, 2021 will be a fall and a breakdown of the level of 1735. 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 1855.
XAU/USD Forecast and GOLD analysis February 9, 2021 suggests an attempt to test the support area near the level of 1785. Further, continued growth in quotations with a target above the level of 1915. 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 1735. 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 1685.
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