XAU/USD quotes continue to move within the framework of growth development and an ascending channel. At the time of publication of the forecast, the price of Gold for today is 2757 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bullish 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 growth and a test of the resistance level near the 2785 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 2655.
GOLD Forecast and Analysis for January 29, 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 bullish channel. The cancellation of the option to reduce prices for Gold on January 29, 2025 will be a strong increase in prices and a breakout of the 2825 level. This will indicate a breakout of the resistance area and continued growth of asset quotes to the area above the 2865 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 2715 level, which will indicate a breakout of the lower border of the bullish channel.
GOLD Forecast and Analysis for January 29, 2025 suggests an attempt to develop price growth and test the resistance area near the 2785 level. Further, the continuation of the fall in non-ferrous metal quotes with a target below the 2655 level. The cancellation of the option to reduce prices for Gold will be a strong increase in the value of the asset on the markets and a breakout of the 2825 level. This will indicate continued growth in the price of Gold with a potential target above the 2865 mark.
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