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Daily GOLD Forecast – 24.8.2022

An additional signal in favor of falling XAU/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling Gold prices on 24th August 2022 will be a strong growth and a breakdown of the level of 1775. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1835. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing the price below the level of 1720.

Suggests an attempt to test the resistance area near the level of 1745. Further, the quotes continue to fall with the target below the level of 1685. 1775. This will indicate a breakdown of the Gold resistance area. In this case, we should expect a continuation of the rise in the price of Gold with a potential target above the level of 1835.