GOLD ends the trading week with growth near the 2420 area. XAU/USD quotes continue to move as part of the correction and after breaking through the upper boundary of the “Triangle” pattern. Moving averages indicate a bullish trend in Gold. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of price growth. At the moment, we should expect an attempt to develop a slight price correction and a test of the support level near the area of 2385. Next, prices will rebound upward and continue to grow in XAUUSD with a potential target above the level of 2705.
GOLD Forecast and Analysis July 22 — 26, 2024
An additional signal in favor of an increase in quotations and prices for Gold in the current trading week of July 22 — 26, 2024 will be a rebound from the support line on the relative strength indicator (RSI). The second signal will be a rebound from the upper border of the Triangle pattern. Cancellation of the option to increase XAU/USD quotes will be a fall in price and a breakdown of the area of 2235. This will indicate a breakdown of the support level and a continued fall in Gold prices with a target below the level of 2165. Confirmation of an increase in the value of the asset will be a breakdown of the resistance area and closing of quotes above the level of 2485.
GOLD Forecast and Analysis July 22 — 26, 2024 assumes an attempt to develop a decline and test the support level near the area of 2385. Then, continued growth in Gold prices with a target above the level of 2705. A test of the trend line on the relative strength index (RSI) will support the rise in quotes. Cancellation of the growth option for Gold will be a fall and a breakdown of the level of 2235. This will indicate a continued decline in quotes to the area below the level of 2165.
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