XAU/USD quotes continue to move as part of the development of a bullish correction and the formation of a “Triangle” pattern. At the time of publication of the forecast, the price of Gold today is 2355 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 a potential continuation of 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 2365 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 2245.
GOLD Forecast and Analysis for July 5, 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 5, 2024 will be a strong rise in prices and a breakdown of the level of 2385. This will indicate a breakdown of the resistance area and continued growth of asset quotes to the area above the level of 2435. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and price closing below the level of 2285, 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 5, 2024 assumes an attempt to develop a price correction and test the resistance area near the level of 2365. Further, a continuation of the 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 in the markets and a breakdown of the level of 2385. This will indicate a continued rise in the price of Gold with a potential target above the level of 2435.
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