The quotes of XAU/USD continue to move as part of the development of the correction and bearish channel. At the time of publication of the forecast, the price of Gold is 2342 Dollars per Troy Ounce. Moving averages indicate a short-term bearish trend. Prices moved up from the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the fall from current levels. At the moment, we can expect an attempt to develop a bullish correction and a test of the resistance level near the 2360 area. From where we can expect a downward rebound and a continued fall in the price of Gold with a potential target below the level of 2230.
GOLD Forecast and analysis for April 30, 2024
An additional signal in favor of a fall in XAU/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a breakout from the upper border of the bearish channel. Cancellation of the option to reduce prices for Gold on April 30, 2024 will be a strong rise in prices and a breakdown of the level of 2395. This will indicate a breakdown of the resistance area and continued growth of asset quotes to the area above the level of 2445. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and price closing below the level of 2290, which will indicate a breakdown of the lower boundary of the bullish correction channel.
GOLD Forecast and analysis for April 30, 2024 assumes an attempt to develop a price correction and test the resistance area near the level of 2360. Further, a continued fall in quotations of the non-ferrous metal with a target below the level of 2230. The cancellation of the option to reduce prices for Gold will be a strong increase in value asset in the markets and a breakdown of the level of 2395. This will indicate a continued rise in the price of Gold with a potential target above the level of 2445.
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