XAU/USD quotes continue to move within the development of growth and an ascending channel. At the time of publication of the forecast, the price of Gold for today is 2748 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 bearish correction and a test of the support level near the 2725 area. From where we should expect a rebound downwards and continued growth in the price of Gold with a potential target above the level of 2825.
GOLD Forecast and Analysis for January 24, 2025
An additional signal in favor of the growth of XAU/USD quotes will be a test of the support 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 Gold price growth scenario on January 24, 2025 will be a price drop and a breakout of the 2705 level. This will indicate a breakout of the support area and a continuation of the asset price decline to the area below the 2655 level. It is worth expecting an acceleration of the growth of XAU/USD quotes with a breakout of the resistance area and a price close above the 2785 level.
GOLD Forecast and Analysis for January 24, 2025 suggests an attempt to develop a bearish price correction and test the support area near the 2725 level. Further, the continuation of the growth of non-ferrous metal quotes with a target above the 2825 level. The cancellation of the Gold price growth scenario will be a fall in the asset value on the markets and a breakout of the 2705 level. This will indicate a continuation of the decline in the Gold price with a potential target below the 2655 mark.
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