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Daily GOLD Forecast – 16.4.2024

In the realm of #XAU/USD, potential indicators pointing towards an uptick in quotes could include testing the support line on the relative strength index (RSI) and experiencing a rebound from the lower boundary of the bullish channel. However, should prices drop below 2270 by April 16, 2024, indicating a breakdown in support, anticipate further declines towards 2235. Conversely, anticipate a surge in the growth of XAU/USD quotes upon breaching the resistance area and closing prices above 2395.

Foresee an initial effort towards a price correction, with a support test near the 2325 level, followed by sustained growth in non-ferrous metal quotations targeting levels above 2525. Nevertheless, if prices fall below 2270, it would nullify the bullish outlook, signaling a potential decline towards 2235.