GOLD is trading at 1905 and continues to move within the fall and bearish channel. XAU/USD quotes are moving below the lower border of the Ichimoku Kinko Hyo Cloud. This indicates a bearish trend in Gold. As part of the Gold price forecast for September 15, 2023. An attempt is expected to develop a correction in prices for the precious metal and a test of the signal line area of the Ichimoku Kinko Hyo indicator near the level of 1915. Where can we expect a downward rebound and a continuation of the fall in Gold prices with a potential target near the level of 1875.
GOLD Forecast and Analysis for September 15, 2023
An additional signal in favor of a fall in XAU/USD quotes will be a rebound from the resistance area on the Gold price chart. The second signal will be a rebound from the upper border of the bearish channel. Previously, a weak signal was received for selling Gold. The signal was formed due to the intersection of signal lines at the level of 1940. The nearest resistance area for Gold on the chart is located at the level of 1925. The support area for Gold is located at the level of 1905.
Cancellation of the option of falling prices for Gold will be a strong growth and a breakdown of the upper boundary of the Cloud of the Ichimoku Kinko Hyo indicator with closing quotes above the 1940 area. This option will indicate a change in the bearish trend in favor of a bullish trend and continued growth in the price of Gold with a potential target near the 1975 area. Expect accelerating the fall of XAU/USD quotes is breaking through the support area and closing the price of Gold below the level of 1895.
GOLD Forecast and Analysis for September 15, 2023 suggests an attempt to test the resistance level near the 1915 area. Where can we expect continued decline in quotes with a potential target near the level of 1875. Cancellation of the option to reduce the price of Gold will be a breakdown of the area above 1940. This will indicate a continued rise XAU/USD quotes with a target above the 1975 level.
