XAU/USD quotes continue to move as part of the development of a correction and the formation of a “Head and Shoulders” reversal pattern. At the time of publication of the forecast, the price of Gold is 2314 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 2165.
GOLD Forecast and analysis for June 13, 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 Head and Shoulders reversal pattern. Cancellation of the option to reduce prices for Gold on June 13, 2024 will be a strong rise in prices and a breakdown of the level of 2375. This will indicate a breakdown of the resistance area and continued growth of asset quotes to the area above the level of 2415. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing prices below level 2260.
GOLD Forecast and analysis for June 13, 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 2165. 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 2375. This will indicate a continued rise in the price of Gold with a potential target above the level of 2415.
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