GOLD continue to move as part of the correction and the formation of the bullish «Wolfe Wave» channel pattern. At the time of the publication of the forecast, the price of GOLD is 1937 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the asset and a potential continuation of the fall. At the moment, we should expect an attempt to develop a correction and test the resistance level near the 1965 area. Where can we expect a rebound and the continuation of the fall in the price of GOLD with a target below the level of 1845.
XAU/USD Forecast and GOLD analysis August 21, 2020
An additional signal in favor of reducing the XAU/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal is a rebound from the lower border of the descending channel. Cancellation of the option of falling GOLD prices on August 21, 2020 will be a strong growth and a breakdown of the level of 2015. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 2085. Expect to accelerate the fall in XAU/USD quotes with the breakdown of the support area and closing below 1905.
XAU/USD Forecast and GOLD analysis August 21, 2020 implies an attempt to test the resistance area near the level of 1965. Further, the continuation of the fall in quotations with a target below the level of 1845. Cancellation of the option to reduce GOLD prices will be a strong growth and a breakdown of the level of 2015. This will indicate on the breakdown of the resistance area. In this case, we should expect the gold to continue to rise above the level of 2085.
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