XAU/USD quotes continue to follow a robust growth trajectory within a well-defined bullish channel. As of the time this forecast is issued, Gold is valued at 1944 US Dollars per Troy Ounce. Moving averages are signaling the presence of a short-term bullish trend. The breach of the signal lines to the upside reflects mounting buying pressure and the potential for sustained growth from current levels. Presently, it's prudent to anticipate a bearish correction attempt, with a test of the support level around the 1935 region. This level is expected to yield an upward rebound, thus extending the upward trajectory of Gold's price, with a potential target surpassing the 1990 mark.
An added indicator favoring the upward momentum of XAU/USD quotes would be a validation of the support line on the Relative Strength Index (RSI). A secondary confirmation signal would arise from a rebound from the lower boundary of the bullish channel. The scenario for nullifying the potential price growth of Gold on September 1, 2023, involves a decline accompanied by a breakdown of the 1920 level. Such an event would signal a rupture of the support zone, paving the way for a continued drop in the asset's quotes towards the area below the 1875 level. Foreseeable acceleration in XAU/USD quotes' upward movement would be anticipated upon a breach of the resistance area, subsequently closing the price above the 1960 level.
The GOLD Forecast and Analysis for September 1, 2023, suggest a probability of a price correction and a test of the support area around the 1935 level. Subsequently, Gold's quotes are expected to continue their upward trajectory, with a target exceeding the 1990 level. The alternative scenario, which involves a decline in Gold prices and a breach of the 1920 level, would indicate an ongoing descent in the price of Gold, potentially reaching a target below the 1875 level.