GOLD ends the trading week with growth near the 2656 area. XAU/USD quotes continue to move within the growth and bullish channel. Moving averages indicate a bullish trend for Gold. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers and potential continuation of price growth. At the moment, we should expect an attempt to develop a price correction and test the support level near the 2545 area. Next, a price rebound upwards and continued growth of XAUUSD with a potential target above the 2875 level.
GOLD Forecast and Analysis October 7 — 11, 2024
An additional signal in favor of an increase in quotes and prices for Gold in the current trading week of October 7 — 11, 2024 will be a rebound from the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the growth scenario for XAU/USD quotes will be a price drop and a breakout of the 2505 area. This will indicate a breakout of the support level and a continuation of the fall in Gold prices with a target below the 2435 level. The growth in the asset value will be confirmed by a breakout of the resistance area and closing of quotes above the 2715 level.
GOLD Forecast and Analysis October 7 — 11, 2024 suggests an attempt to develop a decline and test the support level near the 2545 area. Then, a continuation of the growth in Gold prices with a target above the 2875 level. A test of the trend line on the relative strength indicator will be in favor of the rise in quotes. The cancellation of the growth scenario for Gold will be a fall and a breakout of the 2505 level. This will indicate a continuation of the decline in quotes to the area below the 2435 level.
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