GOLD completes the trading week near the area of 1793. XAU/USD quotes continue to move as part of the correction and the formation of the “Head and Shoulders” reversal pattern. Moving averages indicate a bullish trend for GOLD. However, prices have broken down the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall. At the moment, we should expect an attempt to develop a price decline and a test of the support level near the 1705 area. Further, the GOLD price will continue to rise with a potential target above the level of 2035.
GOLD Price Forecast and Weekly Analysis August 30 — September 3, 2021
An additional signal in favor of a rise in quotations and prices for GOLD in the current trading August 30 — September 3, 2021 will be a test of the trend line on the relative strength index (RSI), as we can see, prices are pushing upward from the pale test of this line. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of 1675. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below 1595. Confirmation of the growth in the value of the asset will be a breakdown of the resistance area and closing of quotes above the level of 1905, which will indicate completion of the formation of the “Head and Shoulders” reversal pattern and the beginning of its development.
GOLD Price Forecast and Weekly Analysis August 30 — September 3, 2021 assumes an attempt to test the support level near the 1705 area. Then, the GOLD prices will continue to rise with a target above the level of 2035. A test of the trend line on the relative strength index (RSI) will be in favor of raising the quotes. Cancellation of the GOLD growth option will be a fall and a breakdown of the level of 1675. This will indicate a continued decline in quotations to the area below the level of 1595.
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