GOLD continue to move within the framework of a slight increase and a downward channel. At the time of the publication of the forecast, the price of Gold is 1853 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the 1895 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 1745.
XAU/USD Forecast and GOLD analysis June 9, 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 channel. Cancellation of the option of falling Gold prices on June 9, 2022 will be a strong growth and a breakdown of the level of 1925. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1965. 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 1825, which will indicate a breakdown of the lower boundary of the bullish channel.
XAU/USD Forecast and GOLD analysis June 9, 2022 2 suggests an attempt to test the resistance area near the level of 1895. Further, the quotes continue to fall with a target below the level of 1745. 1925. 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 1965.
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