GOLD continue to move as part of the correction and the formation of the “Triangle” pattern. At the time of the publication of the forecast, the price of GOLD is 1811 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 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 1800 area. Where can we expect a rebound and continued growth in the price of GOLD with a potential target above the level of 1885.
XAU/USD Forecast and GOLD analysis August 5, 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 lower border of the ascending channel. Cancellation of the growth option for GOLD prices on August 5, 2021 will be a fall and a breakdown of the level of 1775. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1735. Expect an acceleration of the rise in XAU/USD quotes with the breakdown of the resistance area and closing of the price above the level of 1855, which will indicate a breakdown of the upper border of the “Triangle” model.
XAU/USD Forecast and GOLD analysis August 5, 2021 implies an attempt to test the support area near the level of 1800. Further, the growth of quotations with a target above the level of 1885 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 1735.
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