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GOLD Price Forecast and XAU / USD on 01/12/2021

Gold quotes reached their maximum of 1958 dollars per troy ounce on January 6. Having failed to overcome the resistance level of 1966, which is located slightly above, the GOLD quotes began to fall. As of this writing, the XAU / USD gold rate forecast for today is January 12, the gold price is $ 1860 per troy ounce.

The price of gold is below the Ichimoku cloud, which confirms the downward trend in commodity futures. An additional confirming signal is that the blue fast line of the Ichimoku indicator has broken through the red slow one from top to bottom.

The resistance level for the gold rate is 1870, as well as the indicator's red signal line - 1888.

GOLD Price Forecast and XAU / USD on 01/12/2021

The support level is 1820.

We assume that the XAU / USD rate will continue to fall today, after a short-term upward pullback to the resistance level.

Thus, the forecast for the gold rate GOLD for today, January 12, assumes a short-term growth in the XAU / USD quotes, followed by a decline and a short-term target of 1760.

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