GOLD finishes the trading week near the level of 1702 and continues to move as part of the fall and the 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 1735. Where should we expect a rebound down and a continuation of the fall with a target near the level of 1585.
GOLD Prediction XAU/USD September 5 — 9, 2022
An additional signal in favor of falling Gold prices in the current trading week September 5 — 9, 2022 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. 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 1750.
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 1815 area. This will indicate a change in the bearish trend in favor of the bullish trend and the continued rise in the price of Gold. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing below the level of 1670.
GOLD Prediction XAU/USD September 5 — 9, 2022 suggests an attempt to develop a correction to the level of 1735. Where should we expect a rebound down and a continuation of the fall in quotations with a potential target near the level of 1585. A test of the resistance level on the Gold chart will come out in favor of the decline. Cancellation of the option of falling in the price of GOLD will be a strong growth and a breakdown of the area of 1815. In this case, we should expect a continuation of the rise with a target above the level of 1875.
