XAU/USD quotes continue to move within the framework of the development of the rise and the formation of the reversal model “Triangle”. At the time of publication of the forecast, the price of Gold for today is 2673 Dollars per Troy Ounce. Moving averages indicate a short-term bearish trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from asset buyers and potential continuation of growth from current levels. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the 2690 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 level of 2565.
GOLD Forecast and Analysis for January 10, 2025
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 bearish channel. The cancellation of the Gold price fall scenario on January 10, 2025 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 2755 level. It is worth expecting an acceleration of the fall of XAU/USD quotes with a breakout of the support area and the price closing below the 2605 level, which will indicate a breakout of the lower border of the “Wedge” reversal pattern and the beginning of the implementation of the pattern with targets below.
GOLD Forecast and Analysis for January 10, 2025 suggests an attempt to develop a bullish price correction and test the resistance area near the 2690 level. Further, the continuation of the fall in non-ferrous metal quotes with a target below the 2565 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 a continued rise in the Gold price with a potential target above the 2755 mark.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
