XAU/USD quotes continue to move within the framework of the development of the correction and the formation of the “Head and Shoulders” reversal pattern. At the time of publication of the forecast, the price of Gold for today is 2642 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 current levels. At the moment, we should expect an attempt to develop growth and test the resistance level near the 2645 area. From where we should expect a rebound downwards and a continuation of the fall in the price of Gold with a potential target below the level of 2585.
GOLD Forecast and Analysis for November 29, 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 reversal pattern “Head and Shoulders”. The cancellation of the Gold price fall scenario on November 29, 2024 will be a strong price increase and a breakout of the 2665 level. This will indicate a breakout of the resistance area and continued growth of the asset quotes to the area above the 2695 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 2605 level, which will indicate a breakout of the lower border of the Head and Shoulders reversal pattern and the beginning of the pattern with targets below.
GOLD Forecast and Analysis for November 29, 2024 suggests an attempt to develop a bullish price correction and test the resistance area near the 2645 level. Further, the continuation of the fall in non-ferrous metal quotes with a target below the 2585 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 2665 level. This will indicate continued growth of the Gold price with a potential target above the 2695 mark.
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