XAU/USD quotes continue to move within the development of a strong decline and a bullish channel. At the time of publication of the forecast, the price of Gold for today is 2636 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 growth and a test of the resistance level near the 2665 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 26, 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 upper border of the bearish channel. The cancellation of the Gold price fall scenario on November 26, 2024 will be a strong price increase and a breakout of the 2685 level. This will indicate a breakout of the resistance area and continued growth of the asset quotes to the area above the 2735 level. It is worth expecting an acceleration of the fall of XAU/USD quotes with a breakout of the support area and a price close below the 2605 level, which will indicate a breakout of the lower border of the bullish channel.
GOLD Forecast and Analysis for November 26, 2024 suggests an attempt to develop a bullish price correction and test the resistance area near the 2665 level. Further, a continuation of the fall in non-ferrous metal quotes with a target below the 2575 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 2685 level. This will indicate a continued rise in the Gold price with a potential target above the 2735 mark.
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