GOLD is trading at 1704 and continues to move as part 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 September 15, 2022. An attempt is expected to continue the growth in prices for the precious metal and test the upper border of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 1715. Where should we expect a rebound down and a continued fall in the price of Gold with a potential target near the level of 1665.
GOLD Price Forecast and Analysis September 15, 2022
An additional signal in favor of a decrease in 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 signal of medium strength for selling Gold was received. The signal was formed due to the crossing of signal lines at the level of 1715.
Cancellation of the option to reduce the price of Gold will be a strong growth and a breakdown of the upper boundary of the Cloud of the Ichimoku Kinko Hyo indicator with the closing of quotes above the area of 1735. 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 area of 1775. Expect accelerating the fall of XAU/USD quotes stands with a breakdown of the support area and the closing of the price of Gold under the level of 1690, which will indicate a breakdown of the lower limit of the bullish correction channel.
GOLD Price Forecast and Analysis September 15, 2022 suggests an attempt to test the resistance level near the area of 1715. Where should we expect the quotes to continue to fall with a potential target near the level of 1665. The breakdown of the area of 1735 will cancel the option to reduce the price of GOLD. This will indicate continued growth XAU/USD quotes with a target above the level of 1775.