The quotes of XAU/USD continue to move within the correction and bearish channel. At the time of publication of the forecast, the price of Gold is 2023 Dollars per Troy Ounce. Moving averages indicate a short-term bearish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers 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 2015 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 2145.
GOLD Forecast and analysis for January 31, 2024
An additional signal in favor of growth 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 raise Gold prices on January 31, 2024 will be a fall in prices and a breakdown of the 1995 level. This will indicate a breakdown of the support area and a continued fall in asset quotes to the area below the 1965 level. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing prices above level 2030, which will indicate a breakdown of the upper boundary of the downward correction channel.
GOLD Forecast and analysis for January 31, 2024 assumes an attempt to develop a price correction and test the support area near the 2015 level. Further, continued growth in quotations of the non-ferrous metal with a target above the level of 2145. The cancellation of the option to raise Gold prices will be a fall in the value of the asset in the markets and a breakdown of the 1995 level. This will indicate a continued decline in the price of Gold with a potential target below the 1965 level.
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