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Daily GOLD Forecast – 2.4.2024

An additional signal suggesting a potential uptick in #GOLD quotes could emerge from testing the support line on the relative strength index (RSI), coupled with a rebound from the lower boundary of the bullish channel. Should prices drop below 2175, indicating a breakdown in support, anticipate further declines below 2130. Conversely, anticipate an acceleration in the upward trajectory of GOLD quotes upon breaching the resistance zone and closing prices above 2275.

Expect an initial attempt at a corrective phase, testing support around 2225, followed by sustained growth in non-ferrous metal quotations targeting levels above 2355. However, if prices fall below 2175, it would invalidate the bullish scenario, signaling a potential decline towards 2130.