GOLD is trading at 2375 and continues to move within the growth and bullish bull channel. XAU/USD quotes are moving above the upper boundary of the Cloud of the Ichimoku Kinko Hyo indicator. This indicates a bullish trend in Gold. As part of the Gold price forecast for April 17, 2024. An attempt is expected to develop a correction in prices for the precious metal and a test of the signal line area of the Ichimoku Kinko Hyo indicator near the level of 2355. Where can we expect a rebound upward and a continued rise in Gold prices with a potential target near the level of 2485.
GOLD Forecast and Analysis for April 18, 2024
An additional signal in favor of growth in XAU/USD quotes will be a rebound from the support area on the Gold price chart. The second signal will be a rebound from the lower border of the bullish channel. Previously, a weak signal was received for selling Gold. The signal was formed due to the intersection of signal lines at the level of 2185. The nearest resistance area for Gold on the chart is located at the level of 2425. The support area for Gold is located at the level of 2335.
Cancellation of the option for rising prices for Gold will be a fall and a breakdown of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator with closing quotes below the area of 2245. This option will indicate a change in the bullish trend in favor of a bearish trend and a continuation of the fall in the price of Gold with a potential target near the area of 2045. Expect acceleration growth of XAU/USD quotes is with a breakdown of the resistance area and closing of the price of Gold above the level of 2405, which will indicate a breakdown of the upper boundary of the “Triangle” model.
GOLD Forecast and Analysis for April 18, 2024 assumes an attempt to test the support level near the area of 2355. Where can we expect continued growth of quotes with a potential target near the level of 2485. Cancellation of the option to raise the price of Gold will be a breakdown of the support area with consolidation below the level of 2245. This will indicate a continued decline in XAU/USD quotes with a target below the level of 2045.
