GOLD continue to move within the correction and the downward channel. At the time of the publication of the forecast, the price of GOLD is 1775 Dollars per Troy Oz. Moving averages indicate a short-term bearish 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 correction and test the support level near the 1770 area. Where can we expect a rebound and a continued rise in the price of GOLD with a potential target above the level of 1845.
XAU/USD Forecast and GOLD analysis June 29, 2021
An additional signal in favor of raising the XAU/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for GOLD prices on June 29, 2021 will be a fall and a breakdown of the level of 1735. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1685. 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, which will indicate a breakdown of the upper border of the descending channel.
XAU/USD Forecast and GOLD analysis June 29, 2021 implies an attempt to test the support area near the level of 1770. Further, the growth of quotations with a target above the level of 1845 will continue. This will indicate a breakdown of the support area and a breakdown of the lower boundary of the bullish channel. In this case, we should expect the GOLD price to continue falling with a potential target below the level of 1685.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link