Gold ends the trading week with growth near the 1942 area. XAU/USD quotes continue to move as part of the rise 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 1910. Further, a rebound in prices up and continued growth of Gold with a potential target above the level of 2195.
GOLD Weekly Forecast August 7 — 11, 2023
An additional signal in favor of the rise in quotes and prices for Gold in the current trading week of August 7 — 11, 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 prices and a breakdown of the 1845 area. This will indicate a breakdown of the support level and a continued fall in Gold prices with a target below the level of 1785. 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 1995, which will indicate on the breakdown of the upper border of the downward correction channel.
GOLD Weekly Forecast August 7 — 11, 2023 suggests an attempt to develop a decline and test the support level near the 1910 area. Then, the continued growth in Gold prices with a target above the level of 2195. 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 1845. This will indicate a continued decline in quotes to the area below the level of 1785.
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