XAU/USD quotes continue to move within the development of minor growth and a bullish channel. At the time of publication of the forecast, the price of Gold for today is 2391 dollars per troy ounce. Moving averages indicate the presence of a short-term downward trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a bearish correction and a test of the support level near the 2380 area. From where we should expect an upward rebound and continued growth in the price of Gold with a potential target above the level of 2525.
GOLD Forecast and Analysis for July 31, 2024
An additional signal in favor of the rise in XAU/USD quotes will be a test of the support line on the relative strength indicator. The second signal will be a breakout from the lower border of the bullish channel. The cancellation of the Gold price growth scenario on July 31, 2024 will be a price drop and a breakout of the 2335 level. This will indicate a breakout of the support area and a continuation of the asset price fall to the area below the 2275 level. It is worth expecting an acceleration of the growth of XAU/USD quotes with a breakout of the resistance area and a price close above the 2405 level.
GOLD Forecast and Analysis for July 31, 2024 suggests an attempt to develop a price correction and test the support area near the 2380 level. Further, the continuation of the growth of non-ferrous metal quotes with a target above the 2525 level. The cancellation of the Gold price rise scenario will be a fall in the asset value on the markets and a breakout of the 2335 level. This will indicate a continuation of the decline in Gold prices with a potential target below the 2275 level.
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