XAU/USD quotes continue to move within the growth and bullish channel. At the time of publication, the price of gold for today is $3,389 per troy ounce. Moving averages indicate a short-term bullish trend. Prices have broken through the area between the signal lines upwards, indicating pressure from buyers of the asset and a potential continuation of growth from current levels. At the moment, we can expect an attempt at a bearish correction of the gold price and a test of the support level near the 3365 area. From there, we can expect an upward rebound and continued growth in the price of gold with a potential target above the 3475 level.
GOLD Forecast and XAU/USD Analysis for August 8, 2025
An additional signal in favor of growth in XAU/USD quotes will be a test of the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the “Triangle” pattern. A decline in quotes and a breakout of the 3345 level will cancel the option of growth in gold prices on August 8, 2025. This will indicate a breakout of the support area and a continuation of the decline in asset quotes to an area below the 3275 level. An acceleration in the growth of XAU/USD quotes should be expected with a breakout of the resistance area and the price closing above the 3445 level, which will indicate a breakout of the upper border of the bullish channel, and this is a signal for growth to the width of the channel.
GOLD Forecast and XAU/USD Analysis for August 8, 2025 suggests an attempt to develop a bearish price correction and test the support area near the 3365 level. Further, the rise in non-ferrous metal quotes will continue with a target above the 3475 level. A fall in the asset’s value on the markets and a breakout of the 3345 level will cancel the option of growth in gold prices. This will indicate a continuation of the decline in the price of gold with a potential target below the 3275 mark.
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