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 1731 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices are again testing 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 bullish correction and test the resistance level near the area of 1745. 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 1620.
XAU/USD Forecast and GOLD analysis March 16, 2021
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 March 16, 2021 will be a strong growth and a breakdown of the level of 1795. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 1875. Expect to accelerate the fall in XAU/USD quotes with the breakdown of the support area and closing of the price below 1705.
XAU/USD Forecast and GOLD analysis March 16, 2021 implies an attempt to test the resistance area near the level of 1745. Further, the continuation of the fall in quotations with a target below the level of 1620. 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 1795. This will indicate a breakdown of the resistance area and the upper border of the channel. In this case, we should expect the GOLD price to continue to rise with a potential target above the level of 1875.
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