GOLD continue to move as part of the growth and the bullish channel. At the time of the publication of the forecast, the price of Gold is 1931 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bullish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the asset and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a correction and test the support level near the 1915 area. Where should we expect a rebound upwards and a continuation of the rise in the price of Gold with a potential target above the level of 2055.
XAU/USD Forecast and GOLD analysis March 4, 2022
An additional signal in favor of the growth of 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 lower border of the bullish channel, as well as from the border of the Triangle pattern. Cancellation of the growth option for Gold prices on March 4, 2022 will be a fall and a breakdown of the level of 1870. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1835. It is worth expecting an acceleration of the rise in XAU/USD quotes with a breakdown of the resistance area and closing prices above the level of 1965, which will indicate the breakdown of the upper boundary of the “Triangle” model and the beginning of the development of this pattern.
XAU/USD Forecast and GOLD analysis March 4, 2022 suggests an attempt to test the support area near the level of 1915. Further, the continuation of the growth of quotations with a target above the level of 2055. Cancellation of the option to raise the price of Gold will be a fall in the value of the asset in the markets and a breakdown of the level of 1870 This will indicate a breakdown of the support area for Gold. In this case, we should expect a continuation of the decline in the price of Gold with a potential target below the level of 1835.
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