XAU/USD quotes continue to move as part of the development of the correction after the breakdown of the upper boundary of the downward channel. At the time of publication of the forecast, the price of Gold today is 2358 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 potential continued 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 2325 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 2475.
GOLD Forecast and Analysis for July 9, 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); it is worth noting that there has been a rebound from the resistance line. The second signal will be a breakout from the upper border of the downward channel. Cancellation of the option to raise Gold prices on July 9, 2024 will be a fall in prices and a breakdown of the level of 2285. This will indicate a breakdown of the support area and a continued fall in asset quotes to the area below the level of 2225. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing prices above level 2375.
GOLD Forecast and Analysis for July 9, 2024 assumes an attempt to develop a price correction and test the support area near the level of 2325. Further, the continued growth of quotations of the non-ferrous metal with a target above the level of 2475. 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 2285. This will indicate a continued decline in the price of Gold with a potential target below the level of 2225.
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