GOLD continue to move as part of the fall and the formation of the “Wedge” reversal pattern. At the time of the publication of the forecast, the price of Gold is 1868 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall already from current levels. At the moment, we should expect an attempt to develop growth and test the resistance level near the 1855 area. Where should we expect a rebound upwards and continued growth in the price of Gold with a potential target above the level of 1985.
XAU/USD Forecast and GOLD analysis May 5, 2022
An additional signal in favor of the rise in XAU/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the “Wedge” reversal pattern. Cancellation of the option to raise the price of Gold on May 5, 2022 will be a fall and a breakdown of the level of 1805. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 1755. Expect an acceleration of the rise in XAU/USD quotes with a breakdown of the resistance area and closing prices above the level of 1930, which will indicate the breakdown of the upper border of the “Wedge” model and the beginning of the pattern.
XAU/USD Forecast and GOLD analysis May 5, 2022 suggests an attempt to test the support area near the level of 1855. Further, the continuation of the growth of quotations with a target above the level of 1985. Cancellation of the option of raising the price of Gold will be a fall in the value of the asset in the markets and a breakdown of the level of 1805 This will indicate a breakdown of the support area for Gold. In this case, we should expect the continuation of the fall in the price of Gold with a potential target below the level of 1755.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link