🔻 XAUUSD Forecast and Analysis for 5th September 2024
A potential sell signal for XAU/USD emerges as the price approaches resistance on the relative strength index. Another key signal is a bounce off the lower edge of the bullish channel. A strong rise in prices, breaking above the 2545 level, would invalidate the bearish outlook, signaling further gains toward 2595.
However, if XAU/USD breaks below the support zone and closes under 2435, this would confirm a breakdown of the bullish channel's lower boundary, likely accelerating the downward momentum.
Analysis Overview for XAUUSD (5th Sept 2024)
The forecast suggests a possible bullish correction with resistance near 2510, followed by a continuation of the downtrend targeting below 2410. A reversal of the bearish scenario would require a significant rally, pushing the price above 2545, which could then aim for a target beyond 2595.