GOLD continue to move as part of the fall and the formation of an inverted “Head and Shoulders” reversal pattern. At the time of the publication of the forecast, the price of GOLD is 1797 Dollars per Troy Oz. Moving averages indicate a short-term bullish 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 1745 area. Where can we expect a rebound and a continued rise in the price of GOLD with a potential target above the level of 1905.
XAU/USD Forecast and GOLD analysis September 8, 2021
An additional signal in favor of the growth of 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 inverted Head and Shoulders reversal pattern. Cancellation of the option to raise GOLD prices on September 8, 2021 will be a fall and a breakdown of the level of 1675. 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 the 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 reversal pattern and the continuation of the development of the bullish trend.
XAU/USD Forecast and GOLD analysis September 8, 2021 implies an attempt to test the resistance area near the level of 1745. Further, the continuation of the fall in quotations with a target below the level of 1905. Cancellation of the option of falling GOLD prices will be a strong growth in the asset value in the markets and a breakdown of the level 1675. 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 1615.
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