XAU/USD is showing signs of continuing its upward movement within a bullish channel, despite a current downward correction. As of now, Gold is priced at $2,517 per Troy Ounce. The moving averages point to a short-term bullish trend, with prices breaking above the signal lines, suggesting strong buyer interest and the potential for further growth.
In the near term, we might see a bearish correction that could test the support level around $2,490. This correction is likely to be followed by a rebound, pushing the price of Gold higher with a target potentially exceeding $2,570.
Key Signals:
- A test of the support line on the RSI (Relative Strength Index) suggests further bullish momentum.
- A breakout from the lower boundary of the bullish channel could reinforce this upward trend.
However, if the price falls below $2,485, this would invalidate the bullish outlook, signaling a possible decline toward $2,435.
In summary, the forecast for XAU/USD on August 30, 2024, anticipates a brief bearish correction, followed by a resumption of the upward trend. A fall below $2,485 would indicate a shift to a bearish trend, with the next target at $2,435. Conversely, breaking the $2,545 resistance could signal a move towards higher levels, confirming the bullish trajectory.