XAU/USD quotes continue to move as part of the development of the fall and the bearish channel. At the time of publication of the forecast, the price of Gold is 2304 Dollars per Troy Ounce. Moving averages indicate a short-term bullish 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 2330 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 2215.
GOLD Forecast and analysis for June 12, 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 lower border of the reversal pattern. Cancellation of the option to reduce prices for Gold on June 12, 2024 will be a strong rise in prices and a breakdown of the level of 2365. This will indicate a breakdown of the resistance area and continued growth of asset quotes to the area above the level of 2405. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and price closing below level 2255.
GOLD Forecast and analysis for June 12, 2024 assumes an attempt to develop a price correction and test the resistance area near the level of 2330. Further, a continued fall in quotations of the non-ferrous metal with a target below the level of 2215. The cancellation of the option to reduce prices for Gold will be a strong increase in value asset in the markets and a breakdown of the level of 2365. This will indicate a continued rise in the price of Gold with a potential target above the level of 2405.
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