GOLD continue to move as part of the correction and the formation of the “Triangle” pattern. At the time of the publication of the forecast, the price of GOLD is 1863 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. However, prices have broken through the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the rise from the current levels. At the moment, we should expect an attempt to develop a decline and test the support level near the 1835 area. Where can we expect a rebound and continued growth in the price of GOLD with a potential target above the level of 1940.
XAU/USD Forecast and GOLD analysis January 26, 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 the completion of the rebound from the support area. Cancellation of the growth option for GOLD prices on January 26, 2021 will be a fall and a breakdown of the level of 1815. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1775. 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 1885, which will indicate a breakdown of the upper border of the “Triangle” model.
XAU/USD Forecast and GOLD analysis January 26, 2021 implies an attempt to test the support area near the level of 1835. Further, continued growth in quotations with a target above the level of 1940. Cancellation of the option to raise GOLD prices will be stronger than the fall in the asset value in the markets and the breakdown of the level 1815. 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 1775.
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