XAU/USD quotes continue to move within the framework of the correction development and the formation of the “Triangle” model. At the time of the forecast publication, the price of Gold for today is 2730 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 2720 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 2805.
GOLD Forecast and Analysis for October 29, 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 lower border of the “Triangle” model. The cancellation of the growth scenario for Gold prices on October 29, 2024 will be a fall in prices and a breakout of the 2705 level. This will indicate a breakout of the support area and a continuation of the fall in asset quotes to the area below the 2665 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, which will indicate a breakout of the upper border of the “Triangle” pattern and the beginning of the pattern with targets at the top.
GOLD Forecast and Analysis for October 29, 2024 suggests an attempt to develop a bearish price correction and test the support area near the 2720 level. Further, the continuation of the growth of non-ferrous metal quotes with a target above the 2805 level. The cancellation of the growth scenario for Gold prices will be a fall in the value of the asset on the markets and a breakout of the 2705 level. This will indicate a continuation of the decline in the price of Gold with a potential target below the 2665 level.
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