XAU/USD quotes continue to move within the framework of the correction development and the formation of the “Triangle” model. At the time of the forecast publication, the price of Gold for today is 2690 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 upwards, which indicates pressure from asset buyers and potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the 2695 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 2585.
GOLD Forecast and Analysis for January 16, 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 option of falling prices for Gold on January 16, 2025 will be a strong rise in prices and a breakout of the 2725 level. This will indicate a breakout of the resistance area and continued growth of asset quotes to the area above the 2775 level. It is worth expecting an acceleration of the fall in 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 “Triangle” model and the beginning of the implementation of the pattern with targets below.
GOLD Forecast and Analysis for January 16, 2025 suggests an attempt to develop a bullish price correction and test the resistance area near the level of 2695. Further, the continuation of the fall in non-ferrous metal quotes with a target below the level of 2585. The cancellation of the option of falling prices for Gold will be a strong increase in the value of the asset in the markets and a breakout of the level of 2725. This will indicate a continuation of the rise in the price of Gold with a potential target above the mark of 2775.
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