XAU/USD quotes continue to move within the development of the rise and the descending channel. At the time of publication of the forecast, the price of Gold for today is 2649 dollars per troy ounce. Moving averages indicate the presence of a short-term bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the fall 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 2680 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 2535.
GOLD Forecast and Analysis for January 8, 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 Gold price fall scenario on January 8, 2025 will be a strong price increase and a breakout of the 2695 level. This will indicate a breakout of the resistance area and continued growth of the asset quotes to the area above the 2745 level. It is worth expecting an acceleration of the fall of XAU/USD quotes with a breakout of the support area and the price closing below the 2585 level, which will indicate a breakout of the lower border of the bullish correction channel.
GOLD Forecast and Analysis for January 8, 2025 suggests an attempt to develop a bullish price correction and test the resistance area near the 2680 level. Further, the continuation of the fall in non-ferrous metal quotes with a target below the 2535 level. The cancellation of the Gold price fall scenario will be a strong increase in the asset value on the markets and a breakout of the 2695 level. This will indicate a continued rise in the Gold price with a potential target above the 2745 mark.
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