XAU/USD quotes continue to move within the development of a bullish correction and a bullish channel. At the time of publication of the forecast, the price of Gold today is 2660 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 fall from the current levels. At the moment, we should expect an attempt to develop growth and a test of the resistance level near the 2675 area. From where we should expect a downward rebound and a continued fall in the price of Gold with a potential target below the 2575 level.
GOLD Forecast and Analysis for December 17, 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 (RSI indicator). The second signal will be a rebound from the resistance area on the price chart. The cancellation of the option of a decline in Gold prices on December 17, 2024 will be a strong increase in prices and a breakout of the 2705 level. This will indicate a breakout of the resistance area and continued growth of asset quotes to the area above the 2765 level. It is worth expecting an acceleration of the fall in XAU/USD quotes with a breakout of the support area and a price close below the 2645 level, which will indicate a breakout of the lower border of the bullish channel.
GOLD Forecast and Analysis for December 17, 2024 suggests an attempt to develop a bullish price correction and test the resistance area near the 2675 level. Further, a continuation of the fall in non-ferrous metal quotes with a target below the 2575 level. The cancellation of the option of a decline in Gold prices will be a strong increase in the value of the asset on the markets and a breakout of the 2705 level. This will indicate a continued rise in the price of Gold with a potential target above the 2765 mark.
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