Daily GOLD Forecast - 30.1.2024

Daily GOLD Forecast – 30.1.2024

GOLD on the 1-hour chart indicates a strong bullish sentiment. Most oscillators and moving averages signal a Buy, supported by positive pivot points and a Gold Forecast predicting a potential rise. Traders may consider long positions, with caution at key support (1925) and resistance (2055) levels. Risk management is crucial.

For the trading week of May 20-24, 2024, a key indicator suggesting an increase in Gold prices and XAU/USD quotes will be a rebound from the support line on the relative strength indicator (RSI). Additionally, a rebound from the lower boundary of the bullish channel will serve as a secondary signal. However, if there is a fall in price and a breakdown below the 2145 area, this will invalidate the growth option for XAU/USD quotes, indicating a breakdown of the support level and a continued decline in Gold prices, targeting below the 2015 level. Confirmation of a price increase will be evidenced by a breakout of the resistance area and closing quotes above the 2435 level.

It is expected that there will be an initial attempt to develop a decline and test the support level near the 2310 area, followed by a continued rise in Gold prices targeting levels above 2675. A test of the trend line on the RSI will support the case for raising quotes. If the growth option for Gold is canceled, this would be signaled by a fall and a breakdown below the 2145 level, indicating a continued decline in quotes to the area below 2015.

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Daily GOLD Forecast – 30.1.2024

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