GOLD finishes the trading week near the 1940 level and continues to move as part of a bullish correction and a bearish channel. Gold is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates the presence of 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 border of the Ichimoku Kinko Hyo indicator Cloud near the level of 1945. Where should we expect a rebound down and a continuation of the fall with a target near the level of 1815.
GOLD Forecast September 4 — 8, 2023
An additional signal in favor of falling Gold prices in the current trading week September 4 — 8, 2023 will be a rebound from the resistance level on the price chart. The second signal will be a rebound from the lower border of the bullish channel, which was broken down by the sellers. Earlier, a signal of medium strength for selling Gold was received. The signal was formed due to the crossing of the signal lines at the level of 1935.
Cancellation of the option of falling Gold quotes will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with a close above the 1975 area. This will indicate a change in the bearish trend in favor of the bullish trend and continued growth 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 1885.
GOLD Forecast September 4 — 8, 2023 suggests an attempt to develop a correction to the level of 1945. Where should we expect a rebound down and a continuation of the fall in quotations with a potential target near the level of 1815. A test of the resistance level on the Gold chart will come out in favor of the decline. Cancellation of the option for the fall in the price of GOLD will be a strong growth and a breakdown of the 1975 area. In this case, we should expect a continuation of the rise with a target above the level of 2065.
