GOLD is trading at 1904 and continues to move within the correction and 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 24, 2023. An attempt is expected to develop a price correction for the precious metal and test the lower border of the Ichimoku Kinko Hyo indicator Cloud near the level of 1915. Where can 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 24, 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 weak signal was received for buying Gold. The signal was formed due to the intersection of the signal lines at the level of 1895. The nearest area of resistance for Gold on the chart is at the level of 1905. The area of support for Gold is at the level of 1875.
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 the closing of quotes above the 1925 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 1960 area. Expect accelerating 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 1870.
GOLD Price Forecast and Analysis for August 24, 2023 suggests an attempt to test the resistance level near the area of 1915. 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 area of 1925. This will indicate a continued growth in quotations XAU/USD with a target above the 1960 level.
