GOLD continue to move within the fall and the downtrend channel. At the time of the publication of the forecast, the price of GOLD is 1730 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices push off from the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth 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 1740. 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 1665.
XAU/USD Forecast and GOLD analysis March 23, 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 23, 2021 will be a strong growth and a breakdown of the level of 1775. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 1855. Expect to accelerate the fall in XAU/USD quotes with the breakdown of the support area and closing of the price below 1695.
XAU/USD Forecast and GOLD analysis March 23, 2021 implies an attempt to test the resistance area near the level of 1740. Further, the continuation of the fall in quotations with a target below the level of 1665. 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 1775. 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 1855.
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