GOLD is trading at 1733 and continues to move as part of a strong fall and a bearish channel. XAU/USD quotes are moving below the lower border of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a bearish trend in Gold. As part of the Gold price forecast for August 31, 2022. An attempt is expected to correct the price of the precious metal and test the lower border of the Ichimoku Kinko Hyo indicator Cloud near the level of 1740. Where can we expect a rebound down and a continuation of the fall in Gold prices with a potential target near the level of 1680.
GOLD Price Forecast and Analysis August 31, 2022
An additional signal in favor of falling 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 descending channel. Earlier, a strong signal for selling Gold was received. The signal was formed due to the crossing of signal lines at the level of 1740.
Cancellation of the option of falling prices for Gold will be a strong growth and a breakdown of the upper border of the Cloud of the Ichimoku Kinko Hyo indicator with closing quotes above the 1775 area. This option will indicate a change in the bearish trend in favor of the bullish trend and continued growth in the price of Gold with a potential target near the 1825 area. Expect accelerating the fall of XAU/USD quotes stands with a breakdown of the support area and the closing of the price of GOLD below the level of 1705, which will indicate a breakdown of the lower border of the downward correction channel, and this is a signal to fall on the width of the channel.
GOLD Price Forecast and Analysis August 31, 2022 suggests an attempt to test the resistance level near the area of 1740. Where should we expect the quotes to continue to fall with a potential target near the level of 1680. The breakdown of the area of 1775 will cancel the decline in the rise in the price of GOLD. This will indicate continued growth XAU/USD quotes with a target above 1825.
