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 2602 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 2625 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 level of 2545.
GOLD Forecast and Analysis for December 31, 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 lower border of the bullish channel. The cancellation of the option of a decline in Gold prices on December 31, 2024 will be a strong increase in prices and a breakout of the 2645 level. This will indicate a breakout of the resistance area and continued growth of asset quotes to the area above the 2675 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.
GOLD Forecast and Analysis for December 31, 2024 suggests an attempt to develop a bullish price correction and test the resistance area near the 2625 level. Further, a continuation of the fall in non-ferrous metal quotes with a target below the 2545 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 2645 level. This will indicate a continuation of the rise in Gold prices with a potential target above the 2675 mark.
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