Gold ends the trading week with growth near the 1893 area. XAU/USD quotes continue to move within the correction and the bullish channel. Moving averages indicate the presence of a bullish trend for Gold. Prices are again testing the area between the signal lines, which indicates pressure from buyers and a potential continuation of price growth. At the moment, we should expect an attempt to develop a decrease in prices and a test of the support level near the area of 1835. Further, a rebound in prices up and continued growth of Gold with a potential target above the level of 2125.
GOLD Weekly Forecast August 21 — 25, 2023
An additional signal in favor of the rise in quotes and prices for Gold in the current trading week August 21 — 25, 2023 will be a rebound from 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 XAU/USD quotes will be a fall in the price and a breakdown of the area of 1765. This will indicate a breakdown of the support level and a continued fall in the price of Gold with a target below the level of 1705. 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 1965, which will indicate on the breakdown of the upper border of the downward correction channel.
GOLD Weekly Forecast August 21 — 25, 2023 suggests an attempt to develop a decline and test the support level near the area of 1835. Then, the continued growth in Gold prices with a target above the level of 2125. A test of the trend line on the relative strength index (RSI) will come out in favor of the rise in quotes. Cancellation of the growth option for GOLD will be a fall and a breakdown of the level of 1765. This will indicate a continued decline in quotes to the area below the level of 1705.
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