XAU/USD quotes continue to move within the growth development and have left the descending correction channel. At the time of the forecast publication, the price of Gold for today is 2917 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 a bearish correction and a test of the support level near the 2890 area. From where we should expect an upward rebound and continued growth in the price of Gold with a potential target above the level of 3005.
GOLD Forecast and Analysis for March 6, 2025
An additional signal in favor of the rise in XAU/USD quotes will be a test of the broken trend line on the relative strength indicator (RSI indicator). The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the growth scenario for Gold prices on March 6, 2025 will be a fall in prices and a breakout of the 2865 level. This will indicate a breakout of the support area and a continuation of the fall in asset quotes to the area below the 2835 level. It is worth expecting an acceleration of the growth of XAU/USD quotes with a breakout of the resistance area and a price close above the 2935 level.
GOLD Forecast and Analysis for March 6, 2025 suggests an attempt to develop a bearish price correction and test the support area near the 2890 level. Further, the continuation of the growth of non-ferrous metal quotes with a target above the 3005 level. The cancellation of the growth scenario for Gold prices will be a fall in the value of the asset on the markets and a breakout of the 2865 level. This will indicate a continuation of the fall in the price of Gold with a potential target below the 2835 mark.
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