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 1928 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices bounced off the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the fall. At the moment, we should expect an attempt to develop growth and test the resistance level near the 1955 area. Where can we expect a rebound and the continuation of the fall in the price of GOLD with a target below the level of 1855.
XAU/USD Forecast and GOLD analysis September 9, 2020
An additional signal in favor of reducing 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 upper border of the “Triangle” pattern. Cancellation of the option of falling GOLD prices on September 8, 2020 will be a strong growth and a breakdown of the level of 2015. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 2055. Expect to accelerate the fall in XAU/USD quotes with the breakdown of the support area and closing below the level of 1885.
XAU/USD Forecast and GOLD analysis September 9, 2020 implies an attempt to test the resistance area near the level of 1955. Further, the continuation of the fall in quotations with a target below the level of 1855. Cancellation of the option to reduce GOLD prices will be made by a strong growth and a breakdown of the level of 2015. This will indicate on the breakdown of the resistance area. In this case, we should expect the gold to continue to rise above the level of 2055.
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