XAU/USD quotes continue to move within the framework of the development of growth and a descending channel. At the time of publication of the forecast, the price of Gold for today is 2655 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 decline and test the support level near the 2630 area. From where we should expect an upward rebound and continued growth in the price of Gold with a potential target above the 2745 level.
GOLD Forecast and Analysis for January 4, 2025
An additional signal in favor of the rise in 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 upper border of the bearish channel. The cancellation of the option of growth in Gold prices on January 3, 2025 will be a drop in prices and a breakout of the 2575 level. This will indicate a breakout of the support area and a continuation of the fall in asset quotes to the area below the 2525 level. We should expect an acceleration in the growth of XAU/USD quotes with a breakout of the resistance area and a price close above the 2680 level, which will indicate a breakout of the upper border of the bearish correction channel.
GOLD Forecast and Analysis for January 4, 2025 suggests an attempt to develop a bearish price correction and test the support area near the level of 2630. Further, the continuation of the growth of non-ferrous metal quotes with a target above the level of 2745. The cancellation of the option of increasing prices for Gold will be a fall in the value of the asset on the markets and a breakout of the level of 2575. This will indicate a continuation of the decline in the price of Gold with a potential target below the mark of 2525.
