XAU/USD quotes continue to move within the framework of the development of growth and an ascending channel. At the time of publication of the forecast, the price of Gold for today is 2878 Dollars per Troy Ounce. Moving averages indicate a short-term bullish trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from asset buyers and potential continuation of growth from current levels. At the moment, we should expect an attempt to develop a decline and test the support level near the 2845 area. From where we should expect an upward rebound and continued growth in the price of Gold with a potential target of 2965.
GOLD Forecast and Analysis for February 6, 2025
An additional signal in favor of growth in XAU/USD quotes will be a test of the support line on the relative strength indicator (RSI indicator). The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the growth scenario for Gold prices on February 6, 2025 will be a fall in prices and a breakout of the 2815 level. This will indicate a breakout of the support area and a continuation of the fall in asset quotes to the area below the 2765 level. It is worth expecting an acceleration in the growth of XAU/USD quotes with a breakout of the resistance area and the price closing above the 2905 level.
GOLD Forecast and Analysis for February 6, 2025 suggests an attempt to develop a fall in price and test the support area near the 2845 level. Further, the continuation of the growth of non-ferrous metal quotes with a target above the 2965 level. The cancellation of the growth scenario for Gold prices will be a fall in the value of the asset on the markets and a breakout of the 2815 level. This will indicate a continuation of the decline in the price of Gold with a potential target below the 2765 mark.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
