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🟨 Daily GOLD Forecast – 26.7.2024

An additional signal favoring a decrease in #XAUUSD quotes will be a test of the resistance line on the relative strength index (RSI). Another signal will be a breakout from the upper border of the bearish channel. The option to reduce Gold prices will be invalidated on 26 July 2024 if there is a strong rise in prices and a breakdown of the level of 2405. This would indicate a breakdown of the resistance area and a continued rise in asset quotes to above 2445. An acceleration in the fall of #XAUUSD quotes is expected with a breakdown of the support area and price closing below 2355.
The forecast and analysis for 26 July 2024 assume an attempt to develop a price correction and test the resistance area near 2375. Following this, a continued fall in quotations of the non-ferrous metal with a target below 2285 is expected. However, a strong increase in the asset's market value and a breakdown of the level of 2405 will cancel the option to reduce prices for Gold, indicating a continued rise in Gold prices with a potential target above 2445.

Posted: July 26, 2024 at 10:25 am

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