The XAU/USD quotes remain within the bounds of a correctional phase while adhering to a bearish channel. As of the time of this forecast's publication, the price of Gold stands at 1915 USD per Troy Ounce. Moving averages suggest the presence of a short-term bearish trend. Prices are once again testing the zone between the signal lines, signaling the influence of selling pressure on the asset and the potential for the ongoing descent from current levels. Presently, it's reasonable to anticipate an attempt to initiate a correction, along with a test of the resistance level around the 1925 region. An area that might trigger a downward rebound, thereby extending the drop in Gold's price with a potential target below the 1855 level.
A supplementary indicator favoring the downward trajectory of XAU/USD quotes will be a validation of the resistance line on the Relative Strength Index (RSI). The second sign will be a bounce-back from the upper boundary of the bearish channel. A deviation from the possibility of price descent for Gold on August 31, 2023, would necessitate robust growth coupled with a breach of the 1955 level. This would signify a breakdown of the resistance region, thereby ushering in continued appreciation in the asset's quotes toward the zone above the 1995 mark. The anticipation is for an acceleration in the decline of XAU/USD quotes upon breach of the support area, subsequently closing the price below the 1895 threshold.
The GOLD Forecast and Analysis for August 31, 2023, intimates a potential for a corrective phase to ensue, alongside an examination of the resistance realm in proximity to the 1925 level. This would be followed by the persistent decline in quotes of the precious metal, aimed at achieving levels beneath 1855. Averting the likelihood of a dip in Gold's prices would demand substantial upswing in asset value across markets, coupled with breaching the 1955 level. This occurrence would manifest as a continual upswing in Gold's price, potentially surpassing the 1995 level.