XAU/USD quotes continue to move within the development of a fall and a descending channel. At the time of publication of the forecast, the price of Gold for today is 2639 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 sellers of the asset 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 2655 area. From where we should expect a rebound downwards and a continuation of the fall in the price of Gold with a potential target below the 2615 level.
GOLD Forecast and Analysis for December 18, 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 Gold price decline option on December 18, 2024 will be a strong price increase and a breakout of the 2685 level. This will indicate a breakout of the resistance area and continued growth of the asset quotes to the area above the 2745 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 2625 level.
GOLD Forecast and Analysis for December 18, 2024 suggests an attempt to develop a bullish price correction and test the resistance area near the 2655 level. Further, the continuation of the fall in non-ferrous metal quotes with a target below the 2615 level. The cancellation of the Gold price decline option will be a strong increase in the asset value on the markets and a breakout of the 2685 level. This will indicate a continued rise in Gold prices with a potential target above the 2745 mark.
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