GOLD continue to move within a slight fall and a downward channel. At the time of the publication of the forecast, the price of GOLD is 1726 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices push off from 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 1735. 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 1635.
XAU/USD Forecast and GOLD analysis March 30, 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 30, 2021 will be a strong growth and a breakdown of the level of 1785. 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 1705.
XAU/USD Forecast and GOLD analysis March 30, 2021 implies an attempt to test the resistance area near the level of 1735. Further, the continuation of the fall in quotations with a target below the level of 1635. 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 1785. 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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