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Gold Analysis

#Daily GOLD Forecast – 10.5.2024

An additional sign indicating a potential uptrend in XAU/USD quotes would be the examination of the support line on the relative strength index (RSI). Furthermore, a breakout from the upper boundary of the "Wedge" reversal pattern would serve as another promising signal.

If the option to increase Gold prices on May 8, 2024, is revoked, it could lead to a decline in prices and a breach of the 2235 level. Such an event would signal a breakdown of the support area, possibly resulting in a sustained decrease in asset quotes, potentially dipping below the 2175 level. Anticipate a surge in the growth of XAU/USD quotes upon breaking through the resistance area and achieving closing prices above the 2355 mark.

It is assumed that there will be an effort to initiate a price correction and evaluate the support area around the 2305 level. Moreover, expect a continued upward trend in non-ferrous metal quotations, aiming for levels above 2465. Should the option to raise Gold prices be canceled, it could trigger a decline in the asset's value in the markets and a breach of the 2235 level. This would indicate an ongoing decline in the price of Gold, potentially setting a target below the 2175 level.