XAU/USD quotes continue to move within the correction and the ascending channel. At the time of publication of the forecast, the price of Gold is $1,892 per Troy Ounce. Moving averages indicate the presence of a short-term bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of the asset and the potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a correction and test the support level near the 1850 area. Where to expect a rebound and a continued rise in the price of Gold with a potential target above the 1975 level.
An additional signal in favor of the growth of XAU/USD quotes 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 option of raising Gold prices on June 11, 2021 will be a fall and a breakdown of the level of 1825. This will indicate a breakdown of the support area and a continuation of the decline to the area below the level of 1775. Expect an acceleration in the rise of XAU/USD quotes with a breakdown of the resistance area and the price closing above the level of 1905.
XAU/USD. Gold price forecast and signals for June 11, 2021
Thus, the XAU/USD Gold price forecast for June 11, 2021 suggests an attempt to test the support area near the 1850 level. Further, the continuation of the growth of quotations with a goal above the level of 1975. The cancellation of the option of raising Gold prices will be a drop in the value of the asset in the markets and a breakdown of the level of 1825. This will indicate a breakdown of the support area and a breakdown of the lower boundary of the reversal pattern. In this case, we should expect a continuation of the fall in the price of Gold with a potential target below the level of 1775.