GOLD continue to move as part of the correction and the formation of the “Head and Shoulders” reversal pattern. At the time of the publication of the forecast, the price of GOLD is 1816 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices are again testing the areas 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 rise and test the resistance level near the area of 1820. Where can we expect a rebound and the continuation of the fall in the price of GOLD with a potential target below the level of 1735.
XAU/USD Forecast and GOLD analysis August 31, 2021
An additional signal in favor of reducing the XAU/USD quotes will be a test of the resistance area on the relative strength index (RSI). The second signal will be a rebound from the resistance area. Cancellation of the option of falling GOLD prices on August 31, 2021 will be a strong growth and a breakdown of the level of 1850. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 1905. Expect to accelerate the fall in XAU/USD quotes with the breakdown of the support area and closing of the price below 1775.
XAU/USD Forecast and GOLD analysis August 31, 2021 implies an attempt to test the resistance area near the level of 1820. Further, the continuation of the fall in quotations with a target below the level of 1735. Cancellation of the option of falling GOLD prices will be a strong increase in the value of the asset in the markets and a breakdown of the level 1850. This will indicate a breakdown of the resistance area. In this case, we should expect the GOLD price to continue to rise with a potential target above the level of 1905.
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