Gold ends the trading week with growth near the 1956 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 have broken through the area between the signal lines up, 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 1915. Further, a rebound in prices and continued growth of Gold with a potential target above the level of 2215.
GOLD Weekly Forecast July 31 — August 4, 2023
An additional signal in favor of the rise in quotes and prices for Gold in the current trading week July 31 — August 4, 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 price 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. A 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 2005.
GOLD Weekly Forecast July 31 — August 4, 2023 suggests an attempt to develop a decline and test the support level near the 1915 area. Then, the continued growth in Gold prices with a target above the level of 2215. 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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