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Daily GOLD Forecast – 10.4.2024

A potential catalyst for an upward movement in #GOLD quotes could emerge from testing the support line on the relative strength index (RSI), coupled with a rebound from the lower border of the bullish channel. However, should prices drop below 2275 by April 10, 2024, indicating a breakdown in support, anticipate further declines towards 2235. Conversely, expect a surge in the growth of XAU/USD quotes upon breaking through the resistance area and achieving closing prices above 2385.

Anticipate an initial effort towards a price correction, with a support test near the 2320 level, followed by sustained growth in non-ferrous metal quotations targeting levels above 2425. Nevertheless, if prices fall below 2275, it would negate the bullish outlook, signaling a potential decline towards 2235.