The quotes of XAU/USD continue to move within a slight correction and a bearish channel. At the time of the publication of the forecast, the price of Gold is 1925 USD 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 1930 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 1890.
GOLD Forecast and analysis for September 8, 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 descending channel. Cancellation of the option of falling prices for Gold on September 8, 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 1905.
GOLD Forecast and analysis for September 8, 2023 suggests an attempt to develop a price correction and a test of the resistance area near the level of 1930. Further, the continued fall of the non-ferrous metal quotes with a target below the level of 1890. 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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