XAU/USD quotes continue to decline as they develop within a “Wedge” pattern. At the time of publication, the price of gold is 2,884 USD per troy ounce. Moving averages indicate a short-term bullish trend. Prices have broken through the area between the signal lines downward, indicating pressure from sellers and the potential continuation of the decline from current levels. At the moment, an attempt to develop a bullish correction and test the resistance level near 2,905 USD is expected. From there, a downward rebound and continued decline in gold prices with a potential target below 2,795 USD are anticipated.
GOLD Forecast and Analysis for March 4, 2025
An additional signal favoring the decline in XAU/USD quotes will be a test of the bearish trend line on the Relative Strength Index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. The bearish scenario for gold will be invalidated if strong growth occurs, breaking above the 2,915 USD level. This would indicate a breakout of the resistance area and further growth in gold prices above 2,955 USD. An acceleration of the decline in XAU/USD quotes should be expected with a breakout of the support area and the closing of prices below the 2,865 USD level.
GOLD Forecast and Analysis for March 4, 2025 suggests an attempt to develop a bullish correction and test the resistance area near 2,905 USD, followed by a continued decline in gold prices with a target below 2,795 USD. The bearish scenario will be invalidated by strong growth and a breakout of the 2,915 USD level, signaling continued price appreciation with a potential target above 2,955 USD.
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