XAU/USD quotes continue to move as part of the development of growth and a bearish channel. At the time of publication of the forecast, the price of Gold is 2339 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 bullish correction and a test of the resistance level near the 2345 area. From where we can expect a downward rebound and a continuation of the fall in the price of Gold with a potential target below the level of 2245.
GOLD Forecast and analysis for June 21, 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 downward channel. Cancellation of the option to reduce prices for Gold on June 21, 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 2425. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing prices below the level of 2290, which will indicate a breakdown of the lower boundary of the bullish correction channel.
GOLD Forecast and analysis for June 21, 2024 assumes an attempt to develop a price correction and test the resistance area near the level of 2350. 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 2385. This will indicate a continued rise in the price of Gold with a potential target above the level of 2425.
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