XAU/USD quotes continue to move within the development of the fall and have left the bullish channel. At the time of publication of the forecast, the price of Gold for today is 2662 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 2685 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 2525.
GOLD Forecast and Analysis for November 7, 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 descending channel. The cancellation of the Gold price fall scenario on November 7, 2024 will be a strong price increase and a breakout of the 2745 level. This will indicate a breakout of the resistance area and continued growth of the asset quotes to the area above the 2795 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 2625 level.
GOLD Forecast and Analysis for November 7, 2024 suggests an attempt to develop a bullish price correction and test the resistance area near the 2685 level. Further, the continuation of the fall in non-ferrous metal quotes with a target below the 2525 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 2745 level. This will indicate a continued rise in the Gold price with a potential target above the 2795 level.
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