The quotes of XAU/USD continue to move within the correction and the bullish channel. At the time of the publication of the forecast, the price of Gold is 1938 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bullish trend. Prices are again testing the area between the signal lines, 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 1930 area. Where should we expect a rebound upwards and continued growth in the price of Gold with a potential target above the level of 1985.
GOLD Forecast and analysis for September 6, 2023
An additional signal in favor of the growth of 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 lower border of the bullish channel. Cancellation of the growth option for Gold prices on September 6, 2023 will be a fall and a breakdown of the level of 1915. 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 1865. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing the price above the level 1955.
GOLD Forecast and analysis for September 6, 2023 suggests an attempt to develop a price correction and a test of the support area near the level of 1930. Further, the continued growth of non-ferrous metal quotes with a target above the level of 1985. on the markets and a breakdown of the level of 1915. This will indicate a continued decline in the price of Gold with a potential target below the level of 1865.
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