XAU/USD quotes continue to move as part of the development of the fall and the downward channel. At the time of publication of the forecast, the price of Gold today is 2363 Dollars per Troy Ounce. Moving averages indicate a short-term downward trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the asset and a potential continuation of the fall 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 2375 area. From where we can expect a downward rebound and a continued fall in the price of Gold with a potential target below the level of 2285.
GOLD Forecast and Analysis for July 26, 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 bearish channel. Cancellation of the option to reduce prices for Gold on July 26, 2024 will be a strong rise in prices and a breakdown of the level of 2405. This will indicate a breakdown of the resistance area and a continued rise in asset quotes to the area above the level of 2445. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and price closing below level 2355.
GOLD Forecast and Analysis for July 26, 2024 assumes an attempt to develop a price correction and test the resistance area near the level of 2375. Further, a continued fall in quotations of the non-ferrous metal with a target below the level of 2285. The cancellation of the option to reduce prices for Gold will be a strong increase in the value of the asset in the markets and a breakdown of the level of 2405. This will indicate a continued rise in the price of Gold with a potential target above the level of 2445.
