GOLD continue to move as part of the growth and the formation of the downward Wolfe Wave pattern. 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 up, which indicates pressure from buyers of the asset and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the 1745 area. 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 1685.
XAU/USD Forecast and GOLD analysis July 29, 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 Wolfe Wave pattern. Cancellation of the option of falling prices for Gold on July 29, 2022 will be a strong growth and a breakdown of the level of 1790. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1845. 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 1735.
XAU/USD Forecast and GOLD analysis July 29, 2022 suggests an attempt to test the resistance area near the level of 1745. Further, the quotes continue to fall with a target below the level of 1685. 1790. 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 1845.
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