XAU/USD quotes continue to move within the framework of the growth and bullish channel development. At the time of the forecast publication, the price of Gold for today is 2419 Dollars per Troy Ounce. Moving averages indicate the presence of 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 the current levels. At the moment, we should expect an attempt to develop a bearish correction and a test of the support level near the 2385 area. From where we should expect an upward rebound and continued growth in the price of Gold with a potential target above the 2465 level.
GOLD Forecast and Analysis for August 1, 2024
An additional signal in favor of the rise in XAU/USD quotes will be a test of the support line on the relative strength indicator. The second signal will be a breakout from the lower border of the “Head and Shoulders” reversal pattern. The cancellation of the growth scenario for Gold prices on August 1, 2024 will be a fall in prices and a breakout of the 2335 level. This will indicate a breakout of the support area and a continuation of the fall in asset quotes to the area below the 2265 level. It is worth expecting an acceleration in the growth of XAU/USD quotes with a breakout of the resistance area and a price close above the 2435 level, which will indicate the completion of the formation of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets at the top.
GOLD Forecast and Analysis for August 1, 2024 suggests an attempt to develop a price correction and test the support area near the 2385 level. Further, the continuation of the growth of non-ferrous metal quotes with a target above the 2465 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 2335 level. This will indicate a continuation of the decline in the price of Gold with a potential target below the 2265 level.
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