GOLD continue to move as part of the correction and the beginning of the “Wedge” model. At the time of the publication of the forecast, the price of GOLD is 1800 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 rise and test the resistance level near the area of 1810. 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 1725.
XAU/USD Forecast and GOLD analysis July 23, 2021
An additional signal in favor of reducing 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 lower border of the Wedge reversal pattern. Cancellation of the option of falling GOLD prices on July 23, 2021 will be a strong growth and a breakdown of the level of 1845. This will indicate a breakdown of the resistance area and a continued rise 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 the level of 1785.
XAU/USD Forecast and GOLD analysis July 23, 2021 implies an attempt to test the resistance area near the level of 1810. Further, the continuation of the fall in quotations with a target below the level of 1725. 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 1845. 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 1885.
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