GOLD continue to move as part of a strong fall and the beginning of the “Triangle” pattern. At the time of the publication of the forecast, the price of GOLD is 1727 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices broke through the area between the signal lines upward, 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 1735 area. Where can we expect a rebound and continued growth in the price of GOLD with a potential target above the level of 1785.
XAU/USD Forecast and GOLD analysis August 12, 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 upper border of the “Triangle” pattern. Cancellation of the growth option for GOLD prices on August 12, 2021 will be a fall and a breakdown of the level of 1705. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1665. Expect to accelerate the rise in XAU/USD quotes with the breakdown of the resistance area and closing of the price above the level of 1765.
XAU/USD Forecast and GOLD analysis August 12, 2021 implies an attempt to test the support area near the level of 1735. Further, the growth of quotations with a target above the level of 1785 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 1665.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link