GOLD continue to move as part of the fall and the formation of the “Head and Shoulders” reversal pattern. At the time of the publication of the forecast, the price of GOLD is 1805 Dollars per Troy Oz. Moving averages indicate a short-term sideways trend. Prices broke through the areas between the signal lines upward, 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 fall and a test of the support level near the 1755 area. Where can we expect a rebound and a continued rise in the price of GOLD with a potential target above the level of 1920.
XAU/USD Forecast and GOLD analysis September 15, 2021
An additional signal in favor of raising the 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 lower border of the “Head and Shoulders” reversal pattern. Cancellation of the option to raise GOLD prices on September 15, 2021 will be a fall and a breakdown of the level of 1690. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1615. 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, in this case, we consider the completion of the formation of the model and the continuation of the development of the rise in the price of Gold.
XAU/USD Forecast and GOLD analysis September 15, 2021 implies an attempt to test the support area near the level of 1755. Further, the growth of quotations with a target above the level of 1920 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 1615.
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