GOLD continue to move as part of the fall and the formation of the bullish “Wolfe Wave” pattern. At the time of the publication of the forecast, the price of GOLD is 1794 Dollars per Troy Oz. Moving averages indicate a short-term bullish 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 correction and a test of the support level near the 1745 area. Where can we expect an upward rebound and continued growth in the price of GOLD with a potential target above the level of 1875.
XAU/USD Forecast and GOLD analysis January 11, 2022
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 bullish ”Wolfe Wave” pattern. Cancellation of the growth option for GOLD prices on January 11, 2022 will be a fall and a breakdown of the level of 1705. This will indicate a breakdown of the support area and a continued decline to the area below the level of 1665. Expect an acceleration of the rise in XAU/USD quotes with the breakdown of the resistance area and closing of the price above 1805.
XAU/USD Forecast and GOLD analysis January 11, 2022 implies an attempt to test the support area near the level of 1745. Further, the growth of quotations with a target above the level of 1875 will continue. This will indicate a breakdown of the support area for Gold. In this case, we should expect the GOLD price to continue to decline with a potential target below the level of 1665.
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