XAU/USD quotes continue to move within the framework of the decline development and the beginning of the “Triangle” pattern development. At the time of the forecast publication, the price of Gold for today is 2608 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from asset sellers and a potential continuation of the decline from the current levels. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the 2635 area. From where we should expect a downward rebound and a continuation of the decline in the price of Gold with a potential target below the level of 2525.
GOLD Forecast and Analysis for October 9, 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 indicator. The second signal will be a rebound from the lower border of the “Triangle” pattern. The cancellation of the Gold price fall scenario on October 9, 2024 will be a strong price increase and a breakout of the 2675 level. This will indicate a breakout of the resistance area and continued growth of the asset quotes to the area above the 2735 level. It is worth expecting an acceleration of the fall of XAU/USD quotes with a breakout of the support area and a price close below the 2580 level.
GOLD Forecast and Analysis for October 9, 2024 suggests an attempt to develop a bullish price correction and test the resistance area near the 2635 level. Further, the continuation of the fall in non-ferrous metal quotes with a target below the 2525 level. The cancellation of the Gold price fall scenario will be a strong increase in the asset value on the markets and a breakout of the 2675 level. This will indicate a continued rise in the Gold price with a potential target above the 2735 level.
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