GOLD continue to move as part of the growth and left the descending channel. At the time of the publication of the forecast, the price of GOLD is 1803 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices are poking around the area between the signal lines, 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 decline and test the support level near the 1790 area. Where can we expect a rebound and a continued rise in the price of GOLD with a potential target above the level of 1880.
XAU/USD Forecast and GOLD analysis July 7, 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, which buyers have broken up. Cancellation of the growth option for GOLD prices on July 7, 2021 will be a fall and a breakdown of the level of 1740. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1695. 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 1810.
XAU/USD Forecast and GOLD analysis July 7, 2021 implies an attempt to test the support area near the level of 1790. Further, the continuation of the rise in quotations with a target above the level of 1880. 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 1740 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 1695.
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