GOLD is trading at 2157 and continues to move within the correction and bullish channel. XAU/USD quotes are moving inside the Cloud of the Ichimoku Kinko Hyo indicator. This indicates a sideways trend in Gold. As part of the Gold price forecast for March 20, 2024. An attempt is expected to develop a correction in prices for the precious metal and a test of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 2140. Where can we expect an upward rebound and a continued rise in Gold prices with a potential target near the level of 2245.
GOLD Forecast and Analysis for March 20, 2024
An additional signal in favor of growth in XAU/USD quotes will be a rebound from the support area on the Gold price chart. The second signal will be a rebound from the lower border of the bullish channel. Previously, a weak signal was received for selling Gold. The signal was formed due to the intersection of signal lines at the level of 2165. The nearest resistance area for Gold on the chart is located at the level of 2205. The support area for Gold is located at the level of 2135.
Cancellation of the option for rising prices for Gold will be a fall and a breakdown of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator with closing quotes below the area of 2105. This option will indicate a change in the sideways trend in favor of a bearish trend and a continuation of the fall in the price of Gold with a potential target near the area of 2065. Expect acceleration growth of XAU/USD quotes is with a breakdown of the resistance area and closing of the price of Gold above the level of 2185, which will indicate a breakdown of the upper boundary of the downward correction channel.
GOLD Forecast and Analysis for March 20, 2024 assumes an attempt to test the support level near the area of 2140. Where can we expect continued growth of quotes with a potential target near the level of 2245. Cancellation of the option to raise the price of Gold will be a breakdown of the support area with consolidation below the level of 2105. This will indicate a continued fall in XAU/USD quotes with a target below the level of 2065.
