The quotes of XAU/USD continue to move as part of the fall and the bearish channel. At the time of the publication of the forecast, the price of Gold is 1907 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall already from current levels. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the 1920 area. Where should we expect a rebound down and a continuation of the fall in the price of Gold with a potential target below the level of 1875.
GOLD Forecast and analysis for August 16, 2023
An additional signal in favor of falling XAU/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the option of falling prices for Gold on August 16, 2023 will be a strong growth and a breakdown of the level of 1940. This will indicate a breakdown of the resistance area and continued growth in the asset’s quotes to the area above the level of 1975. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing the price below level 1895.
GOLD Forecast and analysis for August 16, 2023 suggests an attempt to develop a price correction and a test of the resistance area near the level of 1920. Further, the continued fall of the non-ferrous metal quotes with a target below the level of 1875. Cancellation of the option of falling Gold prices will be a strong growth in value asset on the markets and a breakdown of the level of 1940. This will indicate a continued rise in the price of Gold with a potential target above the level of 1975.
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