The quotes of XAU/USD continue to move within the growth and bullish channel. At the time of publication of the forecast, the price of Gold is 2077 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 2050 area. From where we can expect a rebound downward and a continuation of the fall in the price of Gold with a potential target below the level of 2180.
GOLD Forecast and analysis for December 29, 2023
An additional signal in favor of growth in XAU/USD quotes will be a test of the resistance 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 raise Gold prices on December 29, 2023 will be a fall in prices and a breakdown of the 2035 level. This will indicate a breakdown of the support area and a continued fall in asset quotes to the area below the 2005 level. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing prices above level 2095, which will indicate a breakdown of the upper boundary of the bullish channel, and this is a signal for growth by the width of the channel.
GOLD Forecast and analysis for December 29, 2023 assumes an attempt to develop a price correction and test the support area near the level of 2065. Further, continued growth in quotations of the non-ferrous metal with a target above the level of 2135. The cancellation of the option to raise prices for Gold will be a fall in the value of the asset in the markets and a breakdown of the 2035 level. This will indicate a continued decline in the price of Gold with a potential target below the 2005 level.
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