XAU/USD quotes continue to move as part of the development of the correction and the formation of the “Triangle” pattern. At the time of publication of the forecast, the price of Gold is 2324 Dollars per Troy Ounce. Moving averages indicate a short-term bearish 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 can expect an attempt to develop a bullish correction and a test of the resistance level near the 2345 area. From where we can expect a downward rebound and a continuation of the fall in the price of Gold with a potential target below the level of 2245.
GOLD Forecast and Analysis for July 2, 2024
An additional signal in favor of a decrease 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 Triangle pattern. Cancellation of the option of falling prices for Gold on July 2, 2024 will be a strong rise in prices and a breakdown of the level of 2375. This will indicate a breakdown of the resistance area and continued growth of asset quotes to the area above the level of 2405. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and price closing below the level of 2280, which will indicate a breakdown of the lower border of the “Triangle” model and the beginning of the development of a pattern with targets below.
GOLD Forecast and Analysis for July 2, 2024 suggests an attempt to develop a price correction and test the resistance area near the level of 2345. Further, a continued fall in quotations of the non-ferrous metal with a target below the level of 2245. The cancellation of the option to reduce prices for Gold will be a strong increase in the value of the asset at markets and a breakdown of the level of 2375. This will indicate a continued rise in the price of Gold with a potential target above the level of 2405.
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