XAU/USD quotes continue to move within the framework of growth development and the beginning of the reversal pattern. At the time of the forecast publication, the price of Gold for today is 2737 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 a bearish correction and a test of the support level near the 2725 area. From where we should expect an upward rebound and continued growth in the price of Gold with a potential target above the 2775 level.
GOLD Forecast and Analysis for November 6, 2024
An additional signal in favor of the growth of 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 upper border of the “Wedge” reversal pattern. The cancellation of the Gold price growth option on November 6, 2024 will be a fall in prices and a breakout of the 2710 level. This will indicate a breakout of the support area and a continuation of the asset’s fall in quotes to the area below the 2695 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 2755 level.
GOLD Forecast and Analysis for November 6, 2024 suggests an attempt to develop a bearish price correction and test the support area near the 2725 level. Further, the continuation of the growth of non-ferrous metal quotes with a target above the 2775 level. The cancellation of the Gold price rise option will be a fall in the asset’s value on the markets and a breakout of the 2710 level. This will indicate a continuation of the decline in the Gold price with a potential target below the 2695 level.
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