GOLD ends the trading week with a strong fall near the 1704 area. XAU/USD quotes continue to move as part of the decline and the downward channel. Moving averages indicate the presence of a bearish trend for GOLD. Prices have broken through the area between the signal lines down, which indicates pressure from sellers and a potential continuation of the price fall. At the moment, we should expect an attempt to develop a fall in prices and a test of the support level near the area of 1675. Further, the continuation of the growth in the price of GOLD with a potential target above the level of 1905.
GOLD Weekly Forecast September 5 — 9, 2022
An additional signal in favor of the rise in quotes and prices for GOLD in the current trading week September 5 — 9, 2022 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower curtain 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 1615 area. 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 1545. 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 1835, which will indicate breakdown of the upper border of the “Double Bottom” reversal pattern and the beginning of the pattern with targets at the top.
GOLD Weekly Forecast September 5 — 9, 2022 suggests an attempt to test the support level near the 1675 area. Then, the continued growth in Gold prices with a target above the level of 1905. A test of the trend line on the relative strength index (RSI) will come out in favor of the quotes rise. Cancellation of the growth option for GOLD will be a fall and a breakdown of the level of 1615. This will indicate a continued decline in quotes to the area below the level of 1545.
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