The quotes of XAU/USD continue to move as part of the development of growth and a bullish channel. At the time of publication of the forecast, the price of Gold is 2358 Dollars per Troy Ounce. Moving averages indicate a short-term bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the asset and potential continued growth from current levels. At the moment, we should expect an attempt to develop a decline and a test of the support level near the 2325 area. From where we can expect a rebound upward and continued growth in the price of Gold with a potential target above the level of 2525.
GOLD Forecast and analysis for April 16, 2024
An additional signal in favor of an increase in XAU/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to increase prices for Gold on April 16, 2024 will be a fall in prices and a breakdown of the level of 2270. This will indicate a breakdown of the support area and a continued decline in asset quotes to the area below the level of 2235. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing prices above level 2395.
GOLD Forecast and analysis for April 16, 2024 assumes an attempt to develop a price correction and test the support area near the level of 2325. Further, continued growth in quotations of the non-ferrous metal with a target above the level of 2525. The cancellation of the option of raising Gold prices will be a fall in the value of the asset in the markets and a breakdown of the level of 2270. This will indicate a continued decline in the price of Gold with a potential target below the level of 2235.
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