GOLD is trading at 2124 and continues to move within the growth and bullish channel. XAU/USD quotes are moving above the upper boundary of the Cloud of the Ichimoku Kinko Hyo indicator. This indicates a bullish trend in Gold. As part of the Gold price forecast for March 7, 2024. An attempt is expected to develop a correction in prices for the precious metal and a test of the signal line area of the Ichimoku Kinko Hyo indicator near the level of 2100. Where can we expect a rebound upward and a continued rise in Gold prices with a potential target near the level of 2225.
GOLD Forecast and Analysis for March 7, 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 for buying Gold was received. The signal was formed due to the intersection of signal lines at the level of 2005. The nearest resistance area for Gold on the chart is located at the level of 2135. The support area for Gold is located at the level of 2095.
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 2025 area. This option will indicate a change in the bullish trend in favor of a bearish trend and a continuation of the fall in the price of Gold with a potential target near the 1985 area. Expect acceleration growth of XAU/USD quotes is with the breakdown of the resistance area and the closing of the price of Gold above the level of 2155.
GOLD Forecast and Analysis for March 7, 2024 assumes an attempt to test the support level near the 2100 area. Where can we expect continued growth of quotes with a potential target near the level of 2225. Cancellation of the option to raise the price of Gold will be a breakdown of the support area with consolidation below the 2025 level. This will indicate a continued fall in XAU/USD quotes with a target below the 1985 level.
