An encouraging sign for a potential rise in XAU/USD is the expected test of the support line on the relative strength indicator. Additionally, if the price breaks through the lower boundary of the "Triangle" pattern, this will further support the upward movement. However, if prices drop and break below 2475, this would invalidate the growth scenario, signaling a possible decline towards the 2445 level. A breakout above 2545, on the other hand, would confirm a breach of the "Triangle" pattern’s upper boundary, indicating a bullish trend with potential targets higher up.
XAU/USD Forecast and Analysis for 3rd September 2024
The analysis for XAU/USD on 3rd September 2024 suggests a possible bearish correction towards the support area around 2485. Following this, an upward trend is expected, targeting levels above 2565. The growth scenario will be invalidated if the price falls below 2475, suggesting a continuation of the downtrend towards a target below 2445.