XAU/USD quotes continue to move within the development of growth and a bullish channel. At the time of publication of the forecast, the price of Gold for today is 2609 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 downwards, 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 decline and a test of the support level near the 2545 area. From where we should expect an upward rebound and continued growth in the price of Gold with a potential target above the level of 2665.
GOLD Forecast and Analysis for November 19, 2024
An additional signal in favor of an increase 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 lower border of the bullish channel. The cancellation of the growth scenario for Gold prices on November 19, 2024 will be a fall in prices and a breakout of the 2515 level. This will indicate a breakout of the support area and a continuation of the fall in asset quotes to the area below the 2465 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 2625 level.
GOLD Forecast and Analysis for November 19, 2024 suggests an attempt to develop a bullish price correction and test the resistance area near the 2545 level. Further, the continuation of the growth of non-ferrous metal quotes with a target above the 2665 level. The cancellation of the rise in Gold prices will be a fall in the value of the asset on the markets and a breakout of the 2515 level. This will indicate a continuation of the decline in the price of Gold with a potential target below the 2465 mark.
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