XAU/USD quotes continue to move within the correction and the downward channel. At the time of the publication of the forecast, the price of Gold is 1671 USD per Troy Ounce. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall already from current levels. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the 1695 area. Where should we expect a rebound down and a continuation of the fall in the price of Gold with a potential target below the level of 1585.
XAU/USD Gold price forecast for September 23, 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 prices for Gold on September 23, 2022 will be a strong growth and a breakdown of the level of 1725. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1765. 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 1645 .
Thus, the XAU/USD Gold price forecast for September 23, 2022 suggests an attempt to test the support area near the level of 1695. Further, the continuation of the growth of quotations with a target above the level of 1585. Cancellation of the option of raising the price of Gold will be a fall in the value of the asset in the markets and a breakdown of the level of 1725 This will indicate a breakdown of the support area for Gold. In this case, we should expect a continuation of the decline in the price of Gold with a potential target below the level of 1765.