The XAU/USD quotes are once again demonstrating a trend of growth within the framework of both bullish and bearish channels. As of the current forecast's release date, the price of Gold stands at 1915 USD per Troy Ounce. Technical indicators, including moving averages, are signaling the presence of a short-term bullish trend. Notably, the price has successfully breached the area between the signal lines, indicative of buyers' influence and the potential for continued growth from its current levels.
The immediate outlook suggests an impending attempt to initiate a bullish correction, with a notable focus on testing the resistance level around the 1915 area. This area could act as a pivotal point, potentially leading to an upward rebound and sustained growth in the Gold price, targeting levels beyond 1970.
For the date in question, August 29, 2023, an additional signal favoring the growth of XAU/USD quotes stems from testing the support line on the relative strength index (RSI). Moreover, the rebound from the lower boundary of the bullish channel serves as a secondary indication of the growth potential. It's important to note that a cancellation of the growth scenario for Gold prices on this date would involve a decline and breach of the 1905 level. Such a movement would signify a breakdown of the support area, leading to a potential continued decline in the quotes, aiming for the region beneath the 1865 level.
Anticipate a potential acceleration in the growth of XAU/USD quotes should they break through the resistance area, potentially resulting in a price that surpasses the 1930 level.
In summary, the Gold forecast and analysis for August 29, 2023, suggest a forthcoming effort to develop a price correction and the testing of support around the 1915 level. Concurrently, the ongoing trend of growth in non-ferrous metal quotes could lead to a target above the 1970 level. In contrast, the possibility of declining Gold prices remains if the 1905 level is breached, signaling further price decreases below the 1865 threshold.