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 1936 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bullish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the asset and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a bearish correction and test the support level near the 1920 area. Where should we expect a rebound upwards and continued growth in the price of Gold with a potential target above the level of 2005.
GOLD Forecast and analysis for August 4, 2023
An additional signal in favor of the rise in XAU/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the growth option for Gold prices on August 4, 2023 will be a fall and a breakdown of the level of 1910. This will indicate a breakdown of the support area and a continued fall in the asset’s quotes to the area below the level of 1875. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing the price above the level 1965, which will indicate the breakdown of the upper limit of the descending channel.
GOLD Forecast and analysis for August 4, 2023 suggests an attempt to develop a price correction and a test of the support area near the level of 1920. Further, the continued growth of non-ferrous metal quotes with a target above the level of 2005. on the markets and a breakdown of the level of 1910. This will indicate a continued decline in the price of Gold with a potential target below the level of 1875.
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