Gold wraps up the trading week with gains, hovering around the 1928 region. XAU/USD prices are still operating within the confines of a corrective and bullish channel. The moving averages are signaling a bullish trend for Gold. Prices are once again probing the territory between the signal lines, underscoring buyer pressure and the potential for further price appreciation. In the near term, we should anticipate an effort to instigate a price decline, possibly testing the support level near 1895. Following this, we may witness a rebound in prices, paving the way for sustained Gold growth with a potential target exceeding 2080.
GOLD Weekly Forecast for September 25 to 29, 2023 In the upcoming trading week of September 25 to 29, 2023, two notable indicators in favor of a price increase for Gold will be a bounce from the support line on the relative strength indicator (RSI) and a rebound from the lower boundary of the bullish channel. The prospect of XAU/USD quotes climbing could be invalidated by a price drop and a breach of the 1840 level. Such a scenario would indicate a breakdown of the support level and a continued decline in Gold prices, with a target below the 1795 level. A confirmation of an asset value increase would entail breaching the resistance area and closing quotes above the 1965 level, signifying a breach of the upper boundary of the descending correction channel.
Anticipates an effort to initiate a price decline, along with a test of the 1895 support level, followed by a sustained rise in Gold prices targeting above 2080. A bounce off the trend line on the relative strength index (RSI) would lend support to price increases. The potential for Gold growth would be nullified by a price decline and a breach of the 1840 level, signaling a continued descent in quotes toward levels beneath 1795.