XAU/USD quotes continue to move within the development of the correction and the descending channel. At the time of publication of the forecast, the price of Gold for today is 2644 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 level of 2585.
GOLD Forecast and Analysis for December 4, 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 upper border of the reversal pattern “Head and Shoulders”. The cancellation of the Gold price fall scenario on December 4, 2024 will be a strong price increase and a breakout of the 2715 level. This will indicate a breakout of the resistance area and continued growth of the asset quotes to the area above the 2765 level. It is worth expecting an acceleration of the fall of XAU/USD quotes with a breakout of the support area and a price close below the 2605 level, which will indicate a breakout of the lower border of the Head and Shoulders reversal pattern and the beginning of the implementation of the pattern with targets below.
GOLD Forecast and Analysis for December 4, 2024 suggests an attempt to develop a bullish price correction and test the resistance area near the 2655 level. Further, a continuation of the fall in non-ferrous metal quotes with a target below the 2585 level. The cancellation of the Gold price fall scenario will be a strong increase in the asset value on the markets and a breakout of the 2715 level. This will indicate continued growth of the Gold price with a potential target above the 2765 mark.
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