XAU/USD quotes continue to move within the framework of the decline development and the formation of the “Double Top” reversal pattern. At the time of the forecast publication, the price of Gold for today is 2900 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 upwards, which indicates pressure from asset buyers and potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop growth and a test of the resistance level near the 2930 area. From where we should expect a downward rebound and a continuation of the fall in the price of Gold with a potential target below the level of 2775.
GOLD Forecast and Analysis for March 11, 2025
An additional signal in favor of the fall of XAU/USD quotes will be a test of the descending trend line on the relative strength indicator (RSI indicator). The second signal will be a rebound from the upper border of the “Double Top” reversal pattern. The cancellation of the Gold price fall scenario on March 11, 2025 will be a strong price increase and a breakout of the 2995 level. This will indicate a breakout of the resistance area and continued growth of the asset quotes to the area above the 3045 level. It is worth expecting an acceleration of the fall of XAU/USD quotes with a breakout of the support area and a price close below the 2865 level, which will indicate a breakout of the lower border of the bullish channel.
GOLD Forecast and Analysis for March 11, 2025 suggests an attempt to develop a bullish price correction and test the resistance area near the 2930 level. Further, the continuation of the fall in non-ferrous metal quotes with a target below the 2775 level. The cancellation of the Gold price fall scenario will be a strong increase in the asset value on the markets and a breakout of the 2995 level. This will indicate a continued rise in the Gold price with a potential target above the 3045 mark.
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