🟨 Daily GOLD Forecast – 29.10.2024
A potential boost for XAUUSD may come from a rebound on the Relative Strength Index (RSI) support line and a bounce from the lower boundary of the “Triangle” pattern. The bullish forecast for XAUUSD on 29 October 2024 would be invalidated if prices drop and break through 2705, signaling further decline towards 2665. A sustained rise above 2755 would confirm a breakout of the upper Triangle boundary, setting higher targets.
This outlook suggests a possible bearish correction to test support around 2720 before an upward continuation towards 2805. The bullish view would remain valid unless prices break below 2705, indicating an extended decline with a possible target below 2665.
🟨 Weekly GOLD Forecast (28.10. – 1.11.2024)
A likely signal for a BUY in XAUUSD from Oct 28 – Nov 1, 2024, is an anticipated rebound from both the relative strength indicator (RSI) support line and the lower edge of the current bullish channel. Should the price hold these levels, it could confirm a rise in XAUUSD, targeting a resistance level above 2765. However, if the price breaks down past 2485, this would signal a likely continuation of the downtrend, with the price potentially moving towards the 2375 support.
An initial dip to test the support around 2685 might occur before the price attempts further upward movement. If this support holds, it could signify continued momentum towards a higher target around 3105. Additionally, a test of the trend line on the RSI would reinforce the likelihood of a price increase.
In summary, a sustained position above 2685 points towards a bullish outlook, with potential gains beyond 3105. Conversely, a significant decline below 2485 would indicate a shift to a bearish outlook, suggesting further declines toward the 2375 area.
🟨 Daily GOLD Forecast – 25.10.2024
A strong buy signal for XAU/USD comes from the Relative Strength Index (RSI) testing its support line. Additionally, a bounce off the lower edge of the bullish channel suggests further growth. However, if prices drop and break below 2690 on October 25, 2024, this would invalidate the bullish scenario, pointing to a potential decline towards 2645.
If XAU/USD breaks through the resistance area and closes above 2775, this could signal accelerated growth. Before that, a minor bearish correction could push prices down to test the support around 2720. After this correction, expect a continuation of the bullish trend with a target beyond 2795.
In summary, if XAU/USD breaks below 2690, the outlook changes, signaling further decline towards 2645. Otherwise, resistance breakouts and closes above 2775 would support the bullish outlook.
🟨 GOLD Forecast – 24.10.2024
📈 An additional indicator supporting XAU/USD growth is a test of the support line on the RSI (Relative Strength Index). Another key signal will be a rebound from the lower boundary of the bullish channel. Should prices drop and break below 2655 on 24 October 2024, the growth scenario for Gold will be invalidated. This would confirm a breach of the support zone, signaling further decline, potentially to levels under 2615.
On the other hand, a breakout of the resistance zone and a close above 2775 would indicate a breakout from the bullish channel’s upper boundary. This would suggest further growth in XAU/USD, with a potential rise matching the channel's width.
In the short term, there is a possibility of a bearish correction, aiming to test support near 2695. However, a continuation of XAU/USD’s rise remains likely, with targets set above 2825. A fall below 2655 would invalidate the bullish outlook and point to a continued drop, with the price potentially heading below 2615.
In summary, key levels to watch include 2655 for downside risks and 2775 for confirmation of upward momentum.
🟨 Daily GOLD Forecast – 22.10.2024
An additional signal favoring the growth of XAUUSD quotes is a test of the support line on the RSI indicator. A rebound from the lower border of the bullish channel is another positive sign. However, a fall in prices and a breakout of the 2695 level on October 22, 2024, would negate the growth scenario for Gold prices. This would indicate a breakout of the support area and a continuation of the fall in asset quotes to below 2645.
A breakout of the resistance area and a price close above 2765 would suggest an acceleration in the growth of XAUUSD quotes. This would indicate a breakout of the upper border of the bullish channel and signal growth by the width of the channel.
We anticipate a bearish price correction and a test of the support area near 2735. However, the growth of non-ferrous metal quotes could continue, with a target above 2825. A fall in the value of the asset and a breakout of the 2695 level would cancel the growth scenario for Gold prices. This would indicate a continuation of the decline in the price of Gold, with a potential target below 2645.
🟨 Weekly GOLD Forecast – (21.10.2024 – 25.10.2024)
A bullish signal for XAUUSD in the trading week from 21 to 25 October 2024 is indicated by a rebound from the support line on the RSI. This suggests a potential price increase. Another sign of growth is the bounce from the lower edge of the bullish channel. However, if the price falls and breaks below the 2505 level, this would invalidate the upward trend and signal further declines, targeting levels under 2445.
For the uptrend to continue, a breakout of the resistance zone and a close above 2765 is crucial. This would confirm the price breaking through the top of the bullish channel, suggesting a growth opportunity matching the channel's width.
On the downside, a price dip toward the 2680 area could test support, followed by a potential recovery with a target above 2975. Testing the trendline on the RSI also favors further price increases. However, if the price breaks through 2505, it would signal a deeper decline, pushing prices below 2445.
In summary, key levels to watch for growth confirmation are 2765 on the upside and 2505 on the downside for a bearish scenario.
🟨 Daily GOLD Forecast – 18.10.2024
📈 Forecast: BUY
An additional signal for the growth of XAU/USD is a test of the support line on the RSI. A second indication is a bounce from the lower boundary of the bullish channel. The bullish scenario for Gold prices on 18 October 2024 will be invalidated if prices fall and break below 2645. This would signal a breach of the support zone and further decline towards the 2575 level.
An increase in momentum for XAU/USD can be expected if it breaks through the resistance zone and closes above 2715, suggesting continued upward movement.
We also expect a possible short-term bearish correction, with a test of support near the 2635 level. Following this, growth could resume, targeting levels above 2745. A drop below 2645 would confirm the continuation of the downward trend, with the price potentially falling below 2575.
🟨 Daily GOLD Forecast – 17.10.2024
An additional signal favoring a rise in XAUUSD prices is a test of the support line on the RSI indicator. A rebound from the lower border of the bullish channel would also reinforce this bullish scenario. However, a price drop below the 2565 level on October 17, 2024, would negate this growth outlook. This would suggest a breakdown of the support area and a potential decline to below 2515.
A breakout of the resistance area and a price close above 2705 could accelerate the growth of XAUUSD quotes. Conversely, a bearish price correction might test the support area near 2635. If XAUUSD prices continue to rise, the target is above 2805. A fall in asset value and a breakout of the 2565 level would indicate a continuation of the decline, with a potential target below 2515.
🟨 Daily GOLD Forecast – 16.10.2024
🔍 BUY
A positive signal for the rise of XAU/USD could be a test of the support line on the RSI indicator. Another indicator supporting this is a bounce from the lower edge of the bullish channel. However, if prices fall and break through the 2565 level on 16 October 2024, this would signal a reversal, indicating further declines toward the 2510 level.
If prices break through the resistance area and close above 2670, this would likely lead to accelerated growth for XAU/USD.
A short-term bearish correction might push prices down to test support near 2635, but if the rise continues, the next target could be 2775. The bullish outlook would be invalidated if prices drop below 2565, signaling further declines with a potential target below 2510.
🟨 Daily GOLD Forecast – 15.10.2024
An additional signal favoring a rise in XAUUSD prices is a test of the support line on the relative strength indicator. A rebound from the lower border of the bullish channel is another positive sign. However, if prices fall below 2565 on October 15, 2024, it suggests a breakdown of the support area and a potential decline to below 2505.
Conversely, a breakout above 2665 indicates a breakdown of the upper border of the bearish correction channel, suggesting a potential acceleration in XAUUSD prices.
A bearish price correction might test the support area near 2620. If XAUUSD prices continue to rise, the target is above 2745. A fall below 2565, however, signals a continuation of the decline with a potential target below 2505.