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Daily GOLD Forecast – 17.4.2024

In the realm of #GOLD (#XAU/USD), a potential catalyst for an upward movement in quotes could emerge from testing the support line on the relative strength index (RSI) and witnessing a rebound from the lower boundary of the bullish channel. However, should prices decline below 2290 by April 17, 2024, signaling a breakdown in support, anticipate further declines towards 2245. Conversely, expect an acceleration in the growth of XAU/USD quotes upon breaking through the resistance area and closing prices above 2405.

Foresee an initial attempt at a price correction, with a support test near the 2330 level, followed by sustained growth in non-ferrous metal quotations targeting levels above 2535. However, if prices fall below 2290, it would negate the bullish outlook, indicating a potential decline towards 2245.