GOLD is completing the trading week near the 1829 area. XAU/USD quotes continue to move as part of the rise and the formation of the “Head and Shoulders” reversal pattern. Moving averages indicate a bullish trend for GOLD. However, prices have broken through the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of the price rise. At the moment, we should expect an attempt to develop a decline in prices and a test of the support level near the area of 1745. Further, the continued growth of the GOLD price with a potential target above the level of 2005.
GOLD Price Forecast and Weekly Analysis September 6 — 10, 2021
An additional signal in favor of a rise in quotations and prices for GOLD in the current trading week September 6 — 10, 2021 will be a test of the trend line on the relative strength index (RSI), as we can see, prices push up after the test of this line. The second signal will be a rebound from the lower border of the Head and Shoulders reversal pattern. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of 1660. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below the level of 1575. 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 1885, 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 September 6 — 10, 2021 assumes an attempt to test the support level near the 1745 area. Then, the GOLD prices will continue to rise with a target above the level of 2005. A test of the trend line on the relative strength index (RSI) will be in favor of the rise in quotes. Cancellation of the GOLD growth option will be a fall and a breakdown of the level of 1660. This will indicate a continued decline in quotations to the area below the level of 1575.
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