GOLD continue to move as part of the rise and the bullish channel. At the time of the publication of the forecast, the price of GOLD is 1825 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices have broken the area between the signal lines upwards, which indicates pressure from the 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 1805 area. Where can we expect a rebound and a continued rise in the price of GOLD with a potential target above the level of 1905.
XAU/USD Forecast and GOLD analysis July 16, 2021
An additional signal in favor of raising the XAU/USD quotes will be a test of the broken trend 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 16, 2021 will be a fall and a breakdown of the level of 1765. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1705. Expect an acceleration of the rise in XAU/USD quotes with the breakdown of the resistance area and closing of the price above the level of 1855.
XAU/USD Forecast and GOLD analysis July 16, 2021 implies an attempt to test the support area near the level of 1805. Further, the continuation of the rise in quotations with a target above the level of 1905. Cancellation of the option to raise GOLD prices will be the fall in the asset value in the markets and a breakdown of the level of 1765 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 1705.
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