XAU/USD quotes continue to move within a strong fall and bullish channel. At the time of publication of the forecast, the price of Gold today is 2388 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 a potential continuation of growth from current levels. At the moment, we can expect an attempt to develop a bearish correction and a test of the support level near the 2365 area. From where we can expect a rebound upward and a continued rise in the price of Gold with a potential target above the level of 2495.
GOLD Forecast and Analysis for July 23, 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 breakout from the lower border of the bullish channel. Cancellation of the option to raise Gold prices on July 23, 2024 will be a fall in prices and a breakdown of the level of 2325. This will indicate a breakdown of the support area and a continued fall in asset quotes to the area below the level of 2285. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing prices above level 2435.
GOLD Forecast and Analysis for July 23, 2024 4 assumes an attempt to develop a price correction and test the support area near the level of 2365. Further, continued growth in quotations of the non-ferrous metal with a target above the level of 2495. 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 level 2325. This will indicate a continued decline in the price of Gold with a potential target below the level of 2285.
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