XAU/USD quotes continue to move within the framework of the upward trend and the bullish channel. At the time of publication of the forecast, the price of gold for today is $3428 per troy ounce. Moving averages indicate a short-term bullish trend. Prices have broken through the area between the signal lines upwards, indicating pressure from buyers of the asset and a potential continuation of growth from current levels. At the moment, we should expect an attempt at a bearish correction of the gold price and a test of the support level near the 3405 area. From there, we can expect an upward rebound and continued growth in the price of gold with a potential target above the 3505 level.
GOLD Forecast and XAUUSD Analysis for July 23, 2025
An additional signal in favor of growth in XAU/USD quotes will be a test of the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel. A decline in quotes and a breakout of the 3365 level will cancel the option of growth in gold prices on July 23, 2025. This will indicate a breakout of the support area and a continuation of the decline in asset quotes to an area below the 3275 level. An acceleration in the growth of XAU/USD quotes should be expected with a breakout of the resistance area and the price closing above the 3445 level.
GOLD Forecast and XAUUSD Analysis for July 23, 2025 suggests an attempt to develop a bearish price correction and test the support area near the 3405 level. Further, the growth of non-ferrous metal quotes will continue with a target above the level of 3505. The cancellation of the option for growth in gold prices will be a fall in the value of the asset on the markets and a breakout of the level of 3365. This will indicate a continuation of the decline in the price of gold with a potential target below the mark of 3275.
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