The quotes of XAU/USD continue to move within the correction and the bearish channel. At the time of the publication of the forecast, the price of Gold is 1915 USD per Troy Ounce. Moving averages indicate the presence of a short-term bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop a correction and test the resistance level near the 1925 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 1855.
GOLD Forecast and analysis for August 31, 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 31, 2023 will be a strong growth and a breakdown of the level of 1955. This will indicate a breakdown of the resistance area and continued growth in the asset’s quotes to the area above the level of 1995. 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 31, 2023 suggests an attempt to develop a price correction and a test of the resistance area near the level of 1925. Further, the continued fall of the non-ferrous metal quotes with a target below the level of 1855. 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 1955. This will indicate a continued increase in the price of Gold with a potential target above the level of 1995.
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