XAU/USD quotes continue to move within the framework of the growth development and the ascending channel. At the time of the forecast publication, the price of Gold for today is 2791 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 the current levels. At the moment, we should expect an attempt to develop a decline and a test of the support level near the 2770 area. From where we should expect an upward rebound and continued growth in the price of Gold with a potential target for an increase of the level of 2865.
GOLD Forecast and Analysis for January 31, 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 31, 2025 will be a price drop and a breakout of the 2735 level. This will indicate a breakout of the support area and a continuation of the asset price fall to the area below the 2685 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 2805 level.
GOLD Forecast and Analysis for January 31, 2025 suggests an attempt to develop a price fall and test the support area near the 2770 level. Further, the continuation of the growth of non-ferrous metal quotes with a target above the 2865 level. The cancellation of the Gold price rise scenario will be a fall in the asset value on the markets and a breakout of the 2735 level. This will indicate a continuation of the Gold price decline with a potential target below the 2685 mark.
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