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 1774 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices broke through the areas between the signal lines downward, which indicates pressure from the sellers of the asset and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a decline and test the support level near the 1750 area. Where can we expect a rebound and a continued rise in the price of GOLD with a potential target above the level of 1895.
XAU/USD Forecast and GOLD analysis September 23, 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 23, 2021 will be a fall and a breakdown of the level of 1680. 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 23, 2021 implies an attempt to test the support area near the level of 1750. Further, the growth of quotations with a target above the level of 1895 will continue. This will indicate a breakout of the support area and cancellation of the pattern. 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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