GOLD continue to move within the growth and ascending channel. At the time of the publication of the forecast, the price of GOLD is 2053 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices moved up from the area between the signal lines, which indicates pressure from buyers of the asset and potential continued growth. At the moment, we should expect an attempt to develop a correction and test the support level near the 2015 area. Where can we expect a rebound and continued growth in the price of GOLD with a target above the level of 2165.
XAU/USD Forecast and GOLD analysis August 7, 2020
An additional signal in favor of raising 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 ascending channel. Cancellation of the growth option for GOLD prices on August 7, 2020 will be a fall and a breakdown of the level of 1975. This will indicate a breakdown of the support area and a continued fall to the area below 1920. Expect acceleration of growth in XAU/USD quotes with the breakdown of the resistance area and closing above 2095.
XAU/USD Forecast and GOLD analysis August 7, 2020 implies an attempt to test the support area near the level of 2015. Further, the growth of quotations with a target below the level of 2165 will continue. Cancellation of the GOLD price growth option will be a fall and a breakdown of the level of 1975. This will indicate breakdown of the support area. In this case, we should expect the continuation of the fall of GOLD below the level of 1920.
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