Gold price forecast on August 31
BUYED AT: 1941
SL: 1935
TP: 1946-1951
Gold (XAU/USD) prices post slight gains at four-week highs while confirming a bullish chart formation early Thursday, up 0.10% on the day near $1,945 by press time. . In doing so, the precious metal encourages the general weakness of the US Dollar, as well as hopes to see a Chinese stimulus to please buyers.
Gold price technical analysis
Gold price remains in the sights of buyers as confirmation of a 4-month bullish wedge-shaped chart formation combined with positive price signals from the Moving Average Convergence and Divergence (MACD) ) and the Relative Strength Index (RSI) line, set at 14:00.
However, it is worth noting that the RSI is rapidly approaching the overbought zone, which shows limited upside room for XAU/USD.
As a result, a multi-level horizontal area marked since late May, around $1,984–85, and a yearly top marked in May near $2,067, could challenge Gold buyers in the process. progress toward the theoretical goal of the stated wedge breakout. , nearly 2,140 USD.
Meanwhile, the Gold Price retracement remains elusive unless it breaks above the 50-day Simple Moving Average (SMA) of $1,930.
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