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Daily GOLD Forecast – 28.6.2022

A test of the resistance line on the relative strength index will be another indicator that the price of XAU/USD is about to decline (RSI). A rebound from the top of the descending channel will serve as the second indication. On June 28, 2022, the option of declining gold prices will be canceled, and there will be a significant increase in price and a breakdown of the level of 1860. As a result, the resistance area will have broken down, and the region over the level of 1895 will continue to increase. With a collapse of the support region and a price close below the level of 1795, which will signal a breakdown of the lower boundary of the descending channel, anticipate an acceleration in the decline of XAU/USD quotations.

The effort to test the resistance region was close to 1835. Additionally, the prices are dropping with a target below the level of 1860. This will signify that the Gold resistance area has been broken. In this situation, we should anticipate that the price of gold will continue to grow, possibly with a target above the level of 1895.