GOLD ends the trading week with growth near the 2568 area. XAU/USD quotes continue to move within the fall and bullish channel. Moving averages indicate a bullish trend for Gold. Prices are testing the area between the signal lines, which indicates pressure from buyers and potential continuation of price growth. At the moment, we should expect an attempt to develop a price decline and a test of the support level near the 2455 area. Next, a price rebound upward and continuation of XAUUSD growth with a potential target above the 2675 level.
GOLD Forecast and Analysis November 18 — 22, 2024
An additional signal in favor of an increase in quotes and prices for Gold in the current trading week of November 18 — 22, 2024 will be a rebound from the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the growth option for XAU/USD quotes will be a price drop and a breakout of the 2385 area. This will indicate a breakout of the support level and a continuation of the fall in Gold prices with a target below 2315. The growth in the asset value will be confirmed by a breakout of the resistance area and closing of quotes above 2625, which will indicate a breakout of the upper border of the downward correction channel.
GOLD Forecast and Analysis November 18 — 22, 2024 suggests an attempt to develop a decline and test the support level near the 2455 area. Then, a continuation of the growth in Gold prices with a target above 2675. A test of the trend line on the relative strength indicator will be in favor of the rise in quotes. The cancellation of the Gold growth option will be a fall and a breakout of the 2385 level. This will indicate a continuation of the decline in quotes to the area below the 2315 level.
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