GOLD ends the trading week with growth near the 2519 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 2495 area. Next, a price rebound upwards and continued growth of XAUUSD with a potential target above the 2865 level.
GOLD Forecast and Analysis September 9 — 13, 2024
An additional signal in favor of an increase in quotes and prices for Gold in the current trading week of September 9 — 13, 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 XAU/USD growth scenario will be cancelled if the price falls and the 2375 area is broken. This will indicate a breakout of the support level and a continuation of the fall in Gold prices with a target below 2265. The asset’s growth will be confirmed by a breakout of the resistance area and closing of quotes above 2545.
GOLD Forecast and Analysis September 9 — 13, 2024 suggests an attempt to continue the decline and test the support level near 2495. Then, the continuation of the growth of Gold prices with a target above 2865. A test of the trend line on the relative strength indicator will be in favor of the rise in quotes. The Gold growth scenario will be cancelled if the price falls and the 2375 level is broken. This will indicate a continuation of the decline in quotes to the area below 2265.
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