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.