Quotes XAU/USD continue to move within the framework of the correction development and left the limits of the descending channel. At the time of publication of the forecast, the price of Gold today is 3334 Dollars per Troy Ounce. The moving averages indicate the presence of a short-term bearish trend. Prices broke through the area between the signal lines upwards, which indicates pressure from the buyers of the asset and potential continuation of growth from the current levels. At the moment we should expect an attempt to develop a bearish correction of the gold rate and a test of the support level near the 3305 area. From where we should expect a rebound upwards and continuation of the Gold price growth with a potential target above the level of 3415.
GOLD Forecast and XAU/USD Analysis for July 8, 2025
An additional signal in favor of XAU/USD quotes growth 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 bearish channel. Cancellation of the variant of growth of Gold prices on July 8, 2025 will be the fall of quotes and breakdown of the level of 3275. This will indicate the breakdown of the support area and the continuation of the asset quotes decline to the area below the level of 3235. XAU/USD quotes should be expected to accelerate with the breakdown of the resistance area and the price closing above the level of 3375, which will indicate the breakdown of the upper boundary of the reversal pattern “Head and Shoulders” and the beginning of the pattern realization with upward targets.
GOLD Forecast and XAU/USD Analysis for July 8, 2025 suggests an attempt to develop a bearish price correction and test the support area near the level of 3305. Further, the continuation of growth of base metal quotes with a target above the level of 3415. The option of Gold price growth will be canceled by the fall of the asset’s value on the markets and the breakdown of the level 3275. This will indicate the continuation of Gold price decline with a potential target below 3235.
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