GOLD is trading at the level of 1926 and continues to move within the correction and the bullish channel. XAU/USD quotes are moving above the upper border of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a bullish trend in Gold. As part of the Gold price forecast for September 7, 2023. An attempt is expected to develop a price correction for the precious metal and test the lower border of the Ichimoku Kinko Hyo indicator cloud near the level of 1925. Where can we expect a rebound upwards and continued growth in Gold prices with a potential target near the level of 1975.
GOLD Forecast and Analysis for September 7, 2023
An additional signal in favor of the rise in XAU/USD quotes will be a rebound from the support area on the GOLD price chart. The second signal will be a rebound from the lower border of the bullish channel. Earlier, a weak signal for selling Gold was received. The signal was formed due to the intersection of the signal lines at the level of 1895. The nearest area of resistance for Gold on the chart is at the level of 1955. The support area for Gold is at the level of 1915.
Cancellation of the growth option for Gold prices will be a fall and a breakdown of the lower border of the Cloud of the Ichimoku Kinko Hyo indicator with closing quotes below the 1910 area. This option will indicate a change in the bullish trend in favor of a bearish trend and a continued fall in the price of Gold with a potential target near the 1865 area. Expect acceleration growth of XAU/USD quotes stands with a breakdown of the resistance area and the closing of the price of Gold above the level of 1955, which will indicate a breakdown of the upper limit of the downward correction channel.
GOLD Forecast and Analysis for September 7, 2023 suggests an attempt to test the support level near the 1925 area. Where should we expect the quotes to continue to grow with a potential target near the 1975 level. Cancellation of the option to raise the price of GOLD will be a breakdown of the area below 1910. This will indicate a continued fall in XAU/USD quotes with a target below the level of 1865.
