GOLD continue to move as part of the growth and the formation of the “Wedge” reversal pattern. At the time of publication of the forecast, the price of GOLD is 1799 USD per Troy Ounce. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the asset and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the 1805 area. Where should we expect a rebound down and a continuation of the fall in the price of Gold with a potential target below the level of 1720.
XAU/USD Forecast and GOLD analysis August 12, 2022
An additional signal in favor of falling XAU/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the “Wedge” reversal pattern. Cancellation of the option of falling Gold prices on August 12, 2022 will be a strong growth and a breakdown of the level of 1835. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1885. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing the price below the level of 1765 , which will indicate a breakdown of the lower boundary of the “Wedge” reversal pattern and the beginning of the pattern with targets at the bottom.
XAU/USD Forecast and GOLD analysis August 12, 2022 suggests an attempt to test the resistance area near the level of 1805. Further, the quotes continue to fall with a target below the level of 1720. 1835. This will indicate a breakdown of the Gold resistance area. In this case, we should expect a continuation of the rise in the price of Gold with a potential target above the level of 1885.
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