GOLD is trading at the level of 1904 and continues to move within the framework of the fall and the 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 17, 2023. An attempt is expected to develop a correction in prices for the precious metal and test the lower border of the Ichimoku Kinko Hyo indicator Cloud near the level of 1915. Where should we expect a rebound down and a continued fall in Gold prices with a potential target near the level of 1865.
GOLD Price Forecast and Analysis for August 17, 2023
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 bearish channel. Earlier, a signal of medium strength for selling Gold was received. The signal was formed due to the intersection of the signal lines at the level of 1910. The nearest area of resistance for Gold on the chart is at the level of 1925. The area of support for Gold is at the level of 1895.
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 1945 area. This option will indicate a change in the bearish trend in favor of a bullish trend and continued growth in the price of Gold with a potential target near the 1975 area. Expect acceleration of the fall of XAU/USD quotes stands with the breakdown of the support area and the closing of the price of GOLD under the level of 1895.
GOLD Price Forecast and Analysis for August 17, 2023 suggests an attempt to test the resistance level near the 1915 area. Where should we expect the quotes to continue to fall with a potential target near the level of 1865. Cancellation of the option to reduce the price of Gold will come out below the 1945 area. This will indicate a continued growth in quotations XAU/USD with a target above the 1975 level.
