GOLD continue to move within the fall and the downtrend channel. At the time of the publication of the forecast, the price of GOLD is 1762 Dollars per Troy Oz. Moving averages indicate a short-term bearish 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 growth and a test of the support level near the area of 1775. Where can we expect a rebound and the continuation of the fall in the price of GOLD with a potential target below the level of 1675.
XAU/USD Forecast and GOLD analysis July 1, 2021
An additional signal in favor of raising 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 descending channel. Cancellation of the growth option for GOLD prices on July 1, 2021 will be a fall and a breakdown of the level of 1810. 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 above the level of 1735.
XAU/USD Forecast and GOLD analysis July 1, 2021 implies an attempt to test the resistance area near the level of 1775. Further, the continuation of the fall in quotations with a target below the level of 1675. Cancellation of the option of falling GOLD prices will be a strong growth in the asset value in the markets and a breakdown of the level 1810. This will indicate a breakdown of the resistance area. 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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