XAU/USD quotations continue to move within the framework of a rise development and working on triangle model. At the moment of writing this forecast, the price of Gold per Troy ounce is $3280. Moving averages indicate the presence of a short-term bearish trend. Prices broke through the area between signal lines upwards, which indicates pressure from active buyers and potential continuation of growth already from current levels. Currently, one should expect an attempt for a development of a bearish correction in Gold price movements, testing support level around the region near 3245. From where we can expect to bounce up and continue the rise in gold prices with a potential target above the level of 3405.
GOLD Forecast and XAUUSD Analysis for May 21, 2025
Additional confirmation of the downward movement in the price of XAU/USD would be a test of the support line on the Relative Strength Index (RSI) indicator. A second signal will occur when there’s a rebound from the upper border of the Triangle model. If the Gold prices rise scenario is canceled for May 21, 2025, it will be marked by a decline in quotes and breaking through the level 3175. This would indicate a break of the support area and continuation of the price drop to an area below the level 2845. An acceleration of XAU/USD prices should be anticipated upon breaching the resistance area and closing at a price above the level 3335, indicating a breakthrough of the upper boundary of the descending channel.
GOLD Forecast and XAUUSD Analysis for May 21, 2025 envisages an attempt to develop a bearish price correction and testing the support area near the level of 3245. Subsequently, continuation of metal prices’ rise towards a target above the level of 3405. An upward trend in Gold’s price scenario will be invalidated by a fall in the asset’s value on markets and breaking through the level of 3175. This will indicate continued price drop for Gold with a potential target below the mark of 2845.
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