XAU/USD quotes continue to move as part of the development of a bullish correction and a downward channel. At the time of publication of the forecast, the price of Gold is 2326 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 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 2335 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 2255.
GOLD Forecast and Analysis for June 28, 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 bearish channel. Cancellation of the option of falling prices for Gold on June 28, 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 2415. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing prices below level 2285.
GOLD Forecast and Analysis for June 28, 2024 suggests an attempt to develop a price correction and test the resistance area near the level of 2335. Further, a continuation of the fall in quotes of the non-ferrous metal with a target below the level of 2255. The cancellation of the option to reduce prices for Gold will be a strong increase in the value of the asset at 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 2415.
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