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 1790 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 1805 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 1745.
XAU/USD Forecast and GOLD analysis January 7, 2022
An additional signal in favor of falling XAU/USD quotes will be a test of the support line on the relative strength index (RSI), which has been broken down. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to lower GOLD prices on January 7, 2022 will be a strong growth and a breakdown of the level of 1835. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 1875. Expect to accelerate the fall in XAU/USD quotes with the breakdown of the support area and closing of the price below 1775.
XAU/USD Forecast and GOLD analysis January 7, 2022 implies an attempt to test the resistance area near the level of 1805. Further, the continuation of the fall in quotations with a target above the level of 1745. Cancellation of the option to reduce GOLD prices will be a strong growth in the asset value in the markets and a breakdown of the level 1835. This will indicate a breakdown of the resistance area for Gold. In this case, we should expect the GOLD price to continue to rise with a potential target above the level of 1875.
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