GOLD continue to move as part of the development of a bullish correction and a downward channel. At the time of the publication of the forecast, the price of Gold is 1741 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall already from current levels. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the area of 1765. Where should we expect a rebound down and a continuation of the fall in the price of Gold with a potential target below the level of 1635.
XAU/USD Forecast and GOLD analysis July 14, 2022
An additional signal in favor of falling 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 option of falling prices for Gold on July 14, 2022 will be a strong growth and a breakdown of the level of 1825. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1875. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing the price below the level of 1705.
XAU/USD Forecast and GOLD analysis July 14, 2022 suggests an attempt to test the resistance area near the level of 1765. Further, the quotes continue to fall with a target below the level of 1635. 1825. This will indicate a breakdown of the Gold resistance area. In this case, we should expect a continuation of the rise in the price of Gold with a potential target above the level of 1875.
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