XAU/USD quotes continue to move within the development of the correction and the bullish channel. At the time of publication of the forecast, the price of Gold for today is 2905 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 2945 area. From where we should expect a rebound downwards and a continuation of the fall in the price of Gold with a potential target below the level of 2830.
GOLD Forecast and Analysis for March 7, 2025
An additional signal in favor of a fall in 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 7, 2025 will be a strong price increase and a breakout of the 2975 level. This will indicate a breakout of the resistance area and continued growth of the asset quotes to the area above the 3005 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 2845 level, which will indicate a breakout of the lower border of the bullish channel.
GOLD Forecast and Analysis for March 7, 2025 suggests an attempt to develop a bullish price correction and test the resistance area near the 2945 level. Further, a continuation of the fall in non-ferrous metal quotes with a target below the 2830 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 2975 level. This will indicate a continued rise in the Gold price with a potential target above the 3005 mark.
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