XAU/USD quotes continue to move within the framework of the development of growth and the formation of the “Triangle” pattern. At the time of publication of the forecast, the price of Gold for today is 2399 Dollars per Troy Ounce. The moving averages indicate the presence of a short-term bullish trend. Prices are testing the area between the signal lines again, which indicates pressure from asset buyers and potential continued growth from current levels. At the moment, we should expect an attempt to develop a bearish correction and a test of the support level near the 2385 area. From where we should expect an upward rebound and continued growth in the price of Gold with a potential target above the 2495 level.
GOLD Forecast and Analysis for August 8, 2024
An additional signal in favor of an increase in XAU/USD quotes will be a test of the support line on the relative strength indicator. The second signal will be a breakout from the lower border of the “Triangle” pattern. The cancellation of the option for growth in Gold prices on August 8, 2024 will be a drop in prices and a breakout of the 2350 level. This will indicate a breakout of the support area and a continuation of the fall in asset quotes to the area below the 2305 level. We should expect an acceleration in the growth of XAU/USD quotes with a breakout of the resistance area and a price close above the 2465 level, which will indicate a breakout of the upper border of the “Triangle” pattern and the beginning of the pattern with targets at the top.
GOLD Forecast and Analysis for August 8, 2024 suggests an attempt to develop a bearish price correction and test the support area near the level of 2385. Further, the continuation of the growth of non-ferrous metal quotes with a target above the level of 2495. The cancellation of the option of increasing prices for Gold will be a fall in the value of the asset on the markets and a breakout of the level of 2350. This will indicate a continuation of the decline in the price of Gold with a potential target below the level of 2305.
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