GOLD ends the trading week near the level of 1924 and continues to move within the correction and bearish channel. Gold is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates a bearish trend in Gold. As part of the XAU/USD forecast for the current week, a correction is expected to develop and a test of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator is expected near the level of 1930. From where we can expect a rebound downwards and a continuation of the fall with a target near the level of 1825.
GOLD Forecast September 11 — 15, 2023
An additional signal in favor of a fall in Gold prices in the current trading week of September 11 — 15, 2023 will be a rebound from the resistance level on the price chart. The second signal will be a rebound from the upper border of the bearish channel. Previously, a weak signal for buying Gold was received. The signal was formed due to the intersection of signal lines at the level of 1930.
Cancellation of the option of falling Gold quotes will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with a closing above the 1970 area. This will indicate a change in the bearish trend in favor of a bullish trend and a continued rise in Gold prices. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing below the level of 1880.
GOLD Forecast September 11 — 15, 2023 assumes an attempt to develop a correction to the level of 1930. From where we can expect a rebound downwards and a continuation of the fall in quotes with a potential target near the level of 1825. A test of the resistance level on the Gold chart will be in favor of the decline. Cancellation of the option for a fall in the price of Gold will be a strong growth and a breakdown of the 1970 area. In this case, we should expect a continuation of the rise with a target above the level of 2045.
