GOLD continue to move within the framework of a strong fall and the beginning of the development of the bullish Wolfe Wave pattern. At the time of the publication of the forecast, the price of GOLD is 1729 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a decline and test the support level near the 1695 area. Where can we expect a rebound and continued growth in the price of GOLD with a potential target above the level of 1775.
XAU/USD Forecast and GOLD analysis August 11, 2021
An additional signal in favor of raising the XAU/USD quotes will be a test of the bullish trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the bullish Wolfe Wave pattern. Cancellation of the growth option for GOLD prices on August 11, 2021 will be a fall and a breakdown of the level of 1655. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1615. Expect an acceleration of the rise in XAU/USD quotes with the breakdown of the resistance area and closing of the price above 1745.
XAU/USD Forecast and GOLD analysis August 11, 2021 implies an attempt to test the support area near the level of 1695. Further, the growth of quotations with a target above the level of 1775 will continue. This will indicate a breakdown of the support area. In this case, we should expect the GOLD price to continue to decline with a potential target below the level of 1615.
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