GOLD is trading at the 1935 level and continues to move within the growth and bullish channel. XAU/USD quotes are moving above the upper border of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a bullish trend in Gold. As part of the Gold price forecast for August 31, 2023. An attempt is expected to develop a correction in prices for the precious metal and test the area of the signal lines of the Ichimoku Kinko Hyo indicator near the level of 1920. Where can we expect a rebound upwards and continued growth in Gold prices with a potential target near the level of 1975.
GOLD Price Forecast and Analysis for August 31, 2023
An additional signal in favor of the rise in XAU/USD quotes will be a rebound from the support area on the GOLD price chart. The second signal will be a rebound from the lower border of the bullish channel. Earlier, a weak signal was received for buying Gold. The signal was formed due to the crossing of the signal lines at the level of 1895. The nearest area of resistance for Gold on the chart is at the level of 1965. The area of support for Gold is at the level of 1915.
Cancellation of the growth option for Gold prices will be a fall and a breakdown of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator with closing quotes below the 1895 area. This option will indicate a change in the bullish trend in favor of the bearish trend and a continued fall in the price of Gold with a potential target near the 1865 area. Expect acceleration growth of XAU/USD quotes stands with the breakdown of the resistance area and the closing of the price of Gold above the level of 1945.
GOLD Price Forecast and Analysis for August 31, 2023 suggests an attempt to test the support level near the 1920 area. Where should we expect the quotes to continue to grow with a potential target near the 1975 level. Cancellation of the option to raise the price of GOLD will be a breakdown of the area below 1895. This will indicate a continued fall in XAU/USD quotes with a target below the level of 1865.
