GOLD ends the trading week near the 2056 level and continues to move within the growth and bullish channel. Gold is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud. This indicates a bullish trend in Gold. As part of the XAU/USD forecast for the current week, a correction is expected to develop and a test of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator is expected near the level of 2045. From where we can expect an upward rebound and continued growth with a target near the level of 2185.
GOLD Forecast March 4 — 8, 2024
An additional signal in favor of an increase in Gold prices in the current trading week of March 4 — 8, 2024 will be a rebound from the support level on the price chart. The second signal will be a rebound from the upper border of the bearish channel. Previously, a weak signal for buying Gold was received. The signal was formed due to the intersection of signal lines at the 2015 level.
Cancellation of the growth option for Gold quotes will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with a closing below the 1995 area. This will indicate a change in the bullish trend in favor of a bearish trend and a continued fall in Gold prices. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing above the level of 2075.
GOLD Forecast March 4 — 8, 2024 assumes an attempt to develop a correction to the level of 2045. From where we can expect a rebound upward and continued growth of quotes with a potential target near the level of 2185. A test of the support level on the Gold chart will be in favor of the rise. Cancellation of the option to increase the price of Gold will be a fall and a breakdown of the 1995 area. In this case, we should expect a continuation of the decline with a target below the level of 1955.
