GOLD Forecast

XAUUSD is poised for a potential decline. A test of the resistance line on the RSI indicator and a rebound from the upper border of the "Head and Shoulders" reversal pattern could trigger this movement.

A decisive break below the 2605 support level would confirm the bearish scenario and open the way for a further price drop towards the pattern's target levels.

However, a strong price surge above 2715 would invalidate the bearish outlook and signal a potential rally towards the 2765 resistance level.

In the short term, a bullish correction towards 2655 is possible, followed by a resumption of the downward trend.

A potential decline in XAU/USD prices could be confirmed if the relative strength index (RSI) tests the resistance line. Another indicator for a downward move would be a bounce off the upper boundary of the descending channel. If XAUUSD exceeds the 2705 level on December 3, 2024, it would cancel the bearish scenario and suggest an uptrend, potentially pushing prices above 2755.

However, if the price drops below the 2605 level, it will confirm a breakout of the support area and the lower boundary of the bullish correction channel, accelerating the decline. On the other hand, if prices approach the 2685 resistance level, we could see a brief upward correction before the downtrend resumes, targeting below the 2525 mark.

If XAUUSD breaks the 2705 resistance level, this would signal a strong uptrend, indicating further growth and a potential move towards 2755 or higher.

An additional signal supporting an increase in Gold (XAUUSD) prices during the trading week of 2–6 Dec 2024 is a rebound from the RSI support line. Another key indicator is a bounce from the lower boundary of the bullish channel.

The growth scenario will be invalidated if prices fall and break below the 2445 level, signaling a breach of support and a likely continuation of the downward trend, targeting levels below 2375. Conversely, the upward trend will be confirmed if quotes break above the 2745 resistance level, marking a breakout of the upper limit of the correction channel.

The anticipated movement suggests an initial decline to test the support near 2525, followed by a recovery and a surge in Gold prices, with potential targets above 3005. A test of the trend line on the RSI also supports this upward momentum.

The decline in XAU/USD is supported by a test of the resistance line on the RSI indicator and a rebound from the upper boundary of the "Head and Shoulders" reversal pattern.

A rise above 2,665 would invalidate the bearish scenario, signaling potential growth toward 2,695+. Conversely, a close below 2,605 would confirm a breakdown of the lower border of the reversal pattern, initiating a decline with targets below 2,585.

Currently, a temporary bullish correction might test resistance near 2,645, but further decline is expected unless market conditions change significantly. Pay close attention to price movements around these critical levels to guide trading decisions.

An additional signal for the growth of XAU/USD quotes is the test of the support line on the RSI indicator. A rebound from the lower boundary of the bullish channel further confirms the potential for an upward move.
A bearish correction may first test the support zone near 2,635. However, continued growth in XAU/USD is expected if the price breaks above the resistance area at 2,645 and closes above this level. This would signal a breakout of the upper boundary of the correction channel, with a potential target above 2,705.
The growth scenario will be invalidated if the price falls below 2,615, breaking through the support zone. In such a case, further declines could follow, with targets below 2,565.
Key levels to monitor are 2,645 for confirmation of growth and 2,615 for potential reversal into a bearish trend.

If XAU/USD breaks above $2,685, this would invalidate the bearish scenario, signaling continued growth toward $2,735. However, a confirmed drop below $2,605 would suggest further downside, marking a breakout of the lower border of the bullish channel.

Currently, a minor bullish correction toward the $2,665 resistance area is possible, but the downtrend remains dominant. A continuation of the decline is expected, with a target below $2,575.

The bearish outlook will be nullified if the price surges significantly, breaking above $2,685, indicating a potential rally with targets surpassing $2,735.

Gold prices are expected to rise during the trading week of 25th to 29th November 2024, supported by key technical signals:

A rebound from the support line on the Relative Strength Index (RSI) suggests bullish momentum. Additionally, a recovery from the lower boundary of the bullish channel strengthens the outlook for further upward movement. If prices break above the 2755 resistance level, it will confirm the bullish scenario, with potential targets extending beyond 3125. A test of the RSI trend line further supports this forecast.

Downside Risks

The bullish forecast will be invalidated if Gold drops below 2435, indicating a continuation of bearish momentum. This could lead to a decline toward levels below 2345. An interim support area near 2485 might halt the fall temporarily, but a breach of this level could confirm a deeper correction.

An additional signal for growth in XAU/USD is the test of the support line on the RSI indicator. Another supporting signal is a rebound from the lower boundary of the bullish channel.
If Gold prices drop below 2,645, this invalidates the growth scenario and suggests a further decline toward levels below 2,605, indicating a breakout of the support zone.
On November 22, 2024, a temporary bearish correction might test support near 2,655, followed by a continuation of the upward movement. A breakout above the 2,680 resistance level, with prices closing higher, would signal an acceleration of growth toward a target above 2,715.

An additional factor supporting a rise in XAU/USD is testing the support line on the RSI. Another indicator favoring growth is a rebound from the lower edge of the bullish channel.
If Gold prices drop and break below $2575, the growth scenario for XAU/USD on 21 November 2024 will be invalidated. This would signal a breach of the support zone, likely leading to a further decline toward $2465.
A rise in XAU/USD could gain momentum if prices break through resistance and close above $2655. Such a breakout could drive quotes to test levels near $2715.
Currently, the market hints at a potential bearish correction, with support near $2605 as a key test. If this level holds, it may prompt further growth in non-ferrous metal prices. Conversely, if prices fall below $2575, a more pronounced drop could follow, targeting levels under $2465.
Traders should monitor critical levels closely, as breaking key resistance or support will determine the next major movement in XAU/USD.

An additional indication of a potential rise in XAU/USD quotes is the RSI indicator's test of the support line. Another key signal is a bounce off the lower edge of the bullish channel. If Gold prices fail to rise on 20 November 2024 and drop below the 2575 level, it will signal a breakdown of the support zone, with further declines likely targeting the 2445 level.
Growth momentum could strengthen if the resistance zone is breached and the price closes above 2650. This would confirm bullish sentiment and suggest further upward movement.
In the short term, a bearish correction could test support around 2615 before the continuation of an upward trajectory, targeting levels above 2675. Conversely, if the market experiences a price drop breaking through 2575, it would indicate ongoing bearish pressure, setting the stage for a move below 2445.