GOLD ends the trading week with growth near the 2667 area. XAU/USD quotes continue to move within the rise and ascending 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 price growth and a test of the resistance level near the 2765 area. Next, a downward price rebound and a continuation of the fall of XAUUSD with a potential target below the 2285 level.
GOLD Forecast and Analysis December 16 — 20, 2024
An additional signal in favor of a decrease in quotes and prices for Gold in the current trading week of December 16 — 20, 2024 will be a rebound from the resistance line on the relative strength indicator (RSI). The second signal will be a rebound from the upper border of the Double Top reversal pattern. The cancellation of the option of a decrease in XAU/USD quotes will be a strong price growth and a breakout of the 2985 area. This will indicate a breakout of the resistance level and a continuation of the growth of Gold prices with a target above the 3265 level. A breakout of the support area and closing of quotes below the 2545 level will confirm the fall in the value of the asset.
GOLD Forecast and Analysis December 16 — 20, 2024 suggests an attempt to develop an increase and test the resistance level near the 2765 area. Then, a continuation of the fall in Gold prices with a target below the 2285 level. A test of the trend line on the relative strength indicator will be in favor of a decrease in quotes. The cancellation of the Gold fall option will be a strong growth and a breakout of the 2985 level. This will indicate a continuation of the rise in quotes to the area above the 3265 level.
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