GOLD continue to move as part of the correction and the beginning of the ”Double Bottom” pattern. At the time of the publication of the forecast, the price of GOLD is 1777 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices went up 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 correction and test the support level near the 1760 area. Where can we expect a rebound and a continued rise in the price of GOLD with a potential target above the level of 1865.
XAU/USD Forecast and GOLD analysis May 7, 2021
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 border of the ascending channel. Cancellation of the option to raise GOLD prices on May 6, 2021 will be a fall and a breakdown of the level of 1705. This will indicate a breakdown of the support area and a continued decline to the area below the level of 1655. Expect an acceleration of the rise in XAU/USD quotes with the breakdown of the resistance area and closing of the price above 1805.
XAU/USD Forecast and GOLD analysis May 7, 2021 implies an attempt to test the support area near the level of 1760. Further, the growth of quotations with a target above the level of 1865 will continue. This will indicate a breakdown of the support area and a breakdown of the lower boundary of the reversal pattern. In this case, we should expect the GOLD price to continue falling with a potential target below the level of 1655.
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