GOLD continue to move as part of the growth 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 1772 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 the sellers of the asset and a potential continuation of the decline from the current levels. At the moment, we should expect an attempt to develop a fall and a test of the support level near the 1745 area. Where can we expect a rebound and a continued rise in the price of GOLD with a potential target above the level of 1845.
XAU/USD Forecast and GOLD analysis August 17, 2021
An additional signal in favor of the growth of XAU/USD quotes will be a test of the support area on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option to raise GOLD prices on August 17, 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 1645. Expect an acceleration of the rise in XAU/USD quotes with the breakdown of the resistance area and closing of the price above 1795.
XAU/USD Forecast and GOLD analysis August 17, 2021 implies an attempt to test the support area near the level of 1745. Further, the growth of quotations with a target above the level of 1845 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 1645.
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