Menu Close

Weekly GOLD Forecast (4.11. – 8.11.2024)

A bullish signal for Gold prices this week (November 4–8) is anticipated due to a potential rebound from the support line on the Relative Strength Index (RSI) and the lower edge of the bullish channel. If XAU/USD can close above 2905, this may confirm a strong upward trend, indicating further price gains.

However, if the price falls and breaks below 2475, this could negate the growth scenario, signaling a continuation of the downtrend with a target around 2365. Initial resistance may be encountered near the 2690 support level, which could lead to a short pullback before a new rally toward 3175.

In summary, a key level to watch for an upward breakout is 2905, while a decline below 2475 would indicate a bearish shift with potential downside toward 2365.