The quotes of XAU/USD continue to move as part of the development of growth and the beginning of the development of the “Wedge” reversal pattern. At the time of publication of the forecast, the price of Gold is 2320 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 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 bearish correction and a test of the support level near the 2305 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 2465.
GOLD Forecast and analysis for May 8, 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 upper border of the “Wedge” reversal pattern. Cancellation of the option to increase prices for Gold on May 8, 2024 will be a fall in prices and a breakdown of the level of 2235. This will indicate a breakdown of the support area and a continued fall in asset quotes to the area below the level of 2175. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing prices above level 2355.
GOLD Forecast and analysis for May 8, 2024 assumes an attempt to develop a price correction and test the support area near the level of 2305. Further, continued growth in quotations of the non-ferrous metal with a target above the level of 2465. 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 2235. This will indicate a continued decline in the price of Gold with a potential target below the level of 2175.
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