GOLD is trading at 1719 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 September 9, 2022. An attempt is expected to continue the growth in prices for the precious metal and test the upper border of the Ichimoku Kinko Hyo indicator Cloud near the level of 1725. Where should we expect a rebound down and a continued fall in Gold prices with a potential target near the level of 1635.
GOLD Price Forecast and Analysis September 9, 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 weak signal was received for buying Gold. The signal was formed due to the crossing of signal lines at the level of 1710.
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 area of 1745. 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 the breakdown of the support area and the closing of the price of GOLD under the level of 1695.
GOLD Price Forecast and Analysis September 9, 2022 suggests an attempt to test the resistance level near the area of 1725. Where should we expect the quotes to continue to fall with a potential target near the level of 1635. The breakdown of the area of 1745 will cancel the decline in the rise in the price of GOLD. This will indicate continued growth XAU/USD quotes with a target above the level of 1775.