GOLD continue to move as part of the correction and the formation of the “Triangle” model. At the time of the publication of the forecast, the price of Gold is 1667 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 a bullish correction and test the resistance level near the 1675 area. Where should we expect a rebound down and a continuation of the fall in the price of Gold with a potential target below the level of 1605.
XAU/USD Forecast and GOLD analysis September 22, 2022
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 “Triangle” model. Cancellation of the option of falling Gold prices on September 22, 2022 will be a strong growth and a breakdown of the level of 1700. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1745. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing the price below the level of 1645 , which will indicate a breakdown of the lower border of the model and the start of working out the “Triangle” pattern with targets below.
XAU/USD Forecast and GOLD analysis September 22, 2022 suggests an attempt to test the support area near the level of 1675. Further, the continuation of the growth of quotations with the target above the level of 1605. 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 1700 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 1745.
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