The quotes of XAU/USD continue to move as part of the development of the correction and bullish channel. At the time of publication of the forecast, the price of Gold is 2296 Dollars per Troy Ounce. Moving averages indicate a short-term bullish trend. Prices are again testing the area between the signal lines, 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 2265 area. From where we can expect a rebound upward and continued growth in the price of Gold with a potential target above the level of 2405.
GOLD Forecast and analysis for May 3, 2024
An additional signal in favor of an increase in XAU/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a breakout from the lower border of the Wedge reversal pattern. Cancellation of the option to increase prices for Gold on May 3, 2024 will be a fall in prices and a breakdown of the level of 2205. This will indicate a breakdown of the support area and a continued fall in asset quotes to the area below the level of 2165. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing prices above level 2350, which will indicate a breakdown of the upper boundary of the “Wedge” reversal pattern and the beginning of the development of a pattern with targets at the top.
GOLD Forecast and analysis for May 3, 2024 assumes an attempt to develop a price correction and test the support area near the level of 2265. Further, continued growth in quotations of the non-ferrous metal with a target above the level of 2405. The cancellation of the option of raising Gold prices will be a fall in the value of the asset in the markets and a breakdown of the level of 2205. This will indicate a continued decline in the price of Gold with a potential target below the level of 2165.
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