XAU/USD is currently experiencing a minor correction while trading within a bullish channel. Today’s gold price is at $2,512 per ounce. Short-term indicators show a bullish trend, with prices surpassing key signal lines, suggesting upward momentum. We anticipate a potential bearish correction that will test the support around $2,495. If this support holds, a rebound is expected, with targets possibly reaching $2,615.
Key Insights:
- Bullish Scenario: A successful test of the support line on the Relative Strength Index (RSI) and a breakout from the lower boundary of the bullish channel will signal further gains. A sustained price above $2,545 could accelerate the bullish trend.
- Bearish Scenario: A decline below $2,480 would invalidate the bullish outlook, indicating a breakdown in support. This would suggest a further decline towards levels below $2,445.
Summary: The forecast for August 28, 2024, highlights a potential bearish correction with a support test at $2,495. If support holds, expect gold prices to rise towards $2,615. However, a drop below $2,480 may lead to a bearish trend, targeting lower levels beneath $2,445.