XAU/USD quotes continue to move within the development of the fall and the bullish channel. At the time of publication of the forecast, the price of Gold for today is 2671 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bullish trend. Prices are again testing the area between the signal lines, 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 growth and a test of the resistance level near the 2715 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 2575.
GOLD Forecast and Analysis for November 12, 2024
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 lower border of the bullish channel, which was broken down by sellers. The cancellation of the option of falling prices for Gold on November 12, 2024 will be a strong increase in prices and a breakout of the 2735 level. This will indicate a breakout of the resistance area and continued growth of asset quotes to the area above the 2785 level. It is worth expecting an acceleration of the fall in XAU/USD quotes with a breakout of the support area and a price close below the 2635 level, which will indicate a breakout of the lower border of the bullish channel.
GOLD Forecast and Analysis for November 12, 2024 suggests an attempt to develop a bullish price correction and test the resistance area near the 2715 level. Further, the continuation of the fall in non-ferrous metal quotes with a target below the 2575 level. The cancellation of the option of lowering Gold prices will be a strong increase in the value of the asset on the markets and a breakout of the 2735 level. This will indicate a continued rise in the price of Gold with a potential target above the 2785 level.
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