Gold price forecast for March 29 - April 2, 2021
Gold ends the trading week near the area of 1733. XAU/USD quotes continue to move within the falling and descending channel. Moving averages indicate the presence of a bullish trend in Gold. Prices broke through the area between the signal lines down, which indicates pressure from sellers and a potential continuation of the fall and a possible change in the trend. At the moment, we should expect an attempt to develop a decline in prices and a test of the support level near the area of 1695. Further, the continued growth of the Gold price with a potential target above the level of 2045.
An additional signal in favor of the rise in quotations and prices for Gold in the current trading week of March 29 — April 2, 2021 will be a test of the trend line on the relative strength indicator. The second signal will be a rebound from the lower border of the ascending channel. The cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the 1585 area. This will indicate the breakdown of the support level and the continuation of the fall in Gold prices with a goal below the level of 1455. Confirmation of the growth in the value of the asset will be the breakdown of the resistance area and the closing of quotes above the level of 1935, which will indicate a breakdown of the upper limit of the descending channel.
Thus, the Gold price forecast for March 29 — April 2, 2021 suggests an attempt to test the support level near the area of 1695. Then, the continuation of the growth of Gold prices with a goal above the level of 2045. The trend line test on the relative strength indicator will be in favor of the rise in quotations. The cancellation of the growth option for Gold will be a fall and a breakdown of the level of 1585. This will indicate a continuation of the decline in quotations in the area below the level of 1455.