GOLD continue to move as part of the correction and the formation of the downward pattern ”Wolfe Wave”. At the time of the publication of the forecast, the price of GOLD is 1823 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the 1830 area. Where can we expect a rebound down and a continued fall in the price of GOLD with a potential target below the level of 1750.
XAU/USD Forecast and GOLD analysis January 4, 2022
An additional signal in favor of reducing the 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 upper border of the ”Wolfe Wave” pattern. Cancellation of the option of falling GOLD prices on January 4, 2022 will be a strong growth and a breakdown of the level of 1845. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1885. Expect to accelerate the fall in XAU/USD quotes with the breakdown of the support area and closing of the price below 1785 , which will indicate a breakdown of important support.
XAU/USD Forecast and GOLD analysis January 4, 2022 implies an attempt to test the resistance area near the level of 1830. Further, the continuation of the fall in quotations with a target below the level of 1750. Cancellation of the option to lower GOLD prices will be a strong growth in the asset value in the markets and a breakdown of the level 1845. This will indicate a breakdown of the resistance area for Gold. In this case, we should expect the GOLD price to continue to grow with a potential target above the level of 1885.
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