GOLD continue to move as part of a strong correction after rising prices. At the time of the publication of the forecast, the price of GOLD is 1596 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices are testing the area between the signal lines, which indicates pressure from buyers. At the moment, we should expect an attempt to reduce and test the support level near the area of 1580. Where can we expect a rebound and continued growth in the price of Gold with a target above the level of 1685.
XAU/USD Forecast and GOLD analysis March 3, 2020
An additional signal in favor of the growth of 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 boundary of the ascending channel. Cancellation of the option of rising Gold prices on March 3, 2020 will be a fall and a breakdown of the level of 1545. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1505. Expect acceleration of the growth of XAU/USD quotes with the breakdown of the resistance area and closing above 1625.
XAU/USD Forecast and GOLD analysis March 3, 2020 implies an attempt to test the support area near the level of 1580. Further, continued growth of quotations with the target above the level of 1685. Cancellation of the option to raise gold prices will be the fall and the breakdown of the level of 1545. This will indicate breakdown of the support area. In this case, we should expect continued decline in Gold below the level of 1505.
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