XAU/USD quotes continue to move within the framework of the correction development and the formation of the “Wedge” reversal pattern. At the time of the forecast publication, the price of Gold for today is 2623 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 2645 area. From where we should expect a downward rebound and a continuation of the fall in the price of Gold with a potential target below the 2575 level.
GOLD Forecast and Analysis for December 27, 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 27, 2024 will be a strong increase in prices and a breakout of the 2665 level. This will indicate a breakout of the resistance area and continued growth of asset quotes to the area above the 2715 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 2595 level, which will indicate a breakout of the lower border of the “Wedge” pattern and the beginning of the implementation of the pattern with targets below.
GOLD Forecast and Analysis for December 27, 2024 suggests an attempt to develop a bullish price correction and test the resistance area near the 2645 level. Further, the 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 2665 level. This will indicate a continued rise in the price of Gold with a potential target above the 2715 mark.
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