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#Daily GOLD Forecast β 29.11.2024
The decline in XAU/USD is supported by a test of the resistance line on the RSI indicator and a rebound from the upper boundary of the "Head and Shoulders" reversal pattern.
A rise above 2,665 would invalidate the bearish scenario, signaling potential growth toward 2,695+. Conversely, a close below 2,605 would confirm a breakdown of the lower border of the reversal pattern, initiating a decline with targets below 2,585.
Currently, a temporary bullish correction might test resistance near 2,645, but further decline is expected unless market conditions change significantly. Pay close attention to price movements around these critical levels to guide trading decisions.
The decline in XAU/USD is supported by a test of the resistance line on the RSI indicator and a rebound from the upper boundary of the "Head and Shoulders" reversal pattern.
A rise above 2,665 would invalidate the bearish scenario, signaling potential growth toward 2,695+. Conversely, a close below 2,605 would confirm a breakdown of the lower border of the reversal pattern, initiating a decline with targets below 2,585.
Currently, a temporary bullish correction might test resistance near 2,645, but further decline is expected unless market conditions change significantly. Pay close attention to price movements around these critical levels to guide trading decisions.
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βοΈSELL Alert
Gold rose to $2,665 amid anticipation of a Fed rate cut in December, yet volatility persists. Despite gains, prices face a 1.7% weekly loss and 2.6% monthly decline.
Gold rose to $2,665 amid anticipation of a Fed rate cut in December, yet volatility persists. Despite gains, prices face a 1.7% weekly loss and 2.6% monthly decline.
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#Weekly GOLD Forecast β (1.12.2024 β 6.12.2024)
An additional signal supporting an increase in Gold (XAUUSD) prices during the trading week of 2β6 Dec 2024 is a rebound from the RSI support line. Another key indicator is a bounce from the lower boundary of the bullish channel.
The growth scenario will be invalidated if prices fall and break below the 2445 level, signaling a breach of support and a likely continuation of the downward trend, targeting levels below 2375. Conversely, the upward trend will be confirmed if quotes break above the 2745 resistance level, marking a breakout of the upper limit of the correction channel.
The anticipated movement suggests an initial decline to test the support near 2525, followed by a recovery and a surge in Gold prices, with potential targets above 3005. A test of the trend line on the RSI also supports this upward momentum.
An additional signal supporting an increase in Gold (XAUUSD) prices during the trading week of 2β6 Dec 2024 is a rebound from the RSI support line. Another key indicator is a bounce from the lower boundary of the bullish channel.
The growth scenario will be invalidated if prices fall and break below the 2445 level, signaling a breach of support and a likely continuation of the downward trend, targeting levels below 2375. Conversely, the upward trend will be confirmed if quotes break above the 2745 resistance level, marking a breakout of the upper limit of the correction channel.
The anticipated movement suggests an initial decline to test the support near 2525, followed by a recovery and a surge in Gold prices, with potential targets above 3005. A test of the trend line on the RSI also supports this upward momentum.
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#GOLD Signal β 2.12.2024 (FREE) SELL at 2645.00 T/P: 2640.00 S/L: 2650.00
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βοΈSELL Alert
Comex Gold fell 2.97% in November to $2657.00, marking the largest monthly drop since Sept. 2023 and ending an 8-month streak. Down 4.72% from its 52-week high, but up 28.83% YTD.
Comex Gold fell 2.97% in November to $2657.00, marking the largest monthly drop since Sept. 2023 and ending an 8-month streak. Down 4.72% from its 52-week high, but up 28.83% YTD.
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β SELL Alert
Gold futures fell 1.05% to $2,652.80/oz as Fed rate cuts seem unlikely in December. Rising rates and a stronger USD hurt demand, but geopolitical risks limit losses. Market focus: Fed meeting, U.S. jobs data.
Gold futures fell 1.05% to $2,652.80/oz as Fed rate cuts seem unlikely in December. Rising rates and a stronger USD hurt demand, but geopolitical risks limit losses. Market focus: Fed meeting, U.S. jobs data.
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βοΈBUY Alert
Gold and silver fell as a stronger dollar and Treasury yields pressured metals. Gold is down 0.6% to $2,663.30; silver dropped 0.6% to $30.90. Analysts see potential for gold to reach $3,000 by 2025.
Gold and silver fell as a stronger dollar and Treasury yields pressured metals. Gold is down 0.6% to $2,663.30; silver dropped 0.6% to $30.90. Analysts see potential for gold to reach $3,000 by 2025.
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#Daily GOLD Forecast β 3.12.2024
A potential decline in XAU/USD prices could be confirmed if the relative strength index (RSI) tests the resistance line. Another indicator for a downward move would be a bounce off the upper boundary of the descending channel. If XAUUSD exceeds the 2705 level on December 3, 2024, it would cancel the bearish scenario and suggest an uptrend, potentially pushing prices above 2755.
However, if the price drops below the 2605 level, it will confirm a breakout of the support area and the lower boundary of the bullish correction channel, accelerating the decline. On the other hand, if prices approach the 2685 resistance level, we could see a brief upward correction before the downtrend resumes, targeting below the 2525 mark.
If XAUUSD breaks the 2705 resistance level, this would signal a strong uptrend, indicating further growth and a potential move towards 2755 or higher.
A potential decline in XAU/USD prices could be confirmed if the relative strength index (RSI) tests the resistance line. Another indicator for a downward move would be a bounce off the upper boundary of the descending channel. If XAUUSD exceeds the 2705 level on December 3, 2024, it would cancel the bearish scenario and suggest an uptrend, potentially pushing prices above 2755.
However, if the price drops below the 2605 level, it will confirm a breakout of the support area and the lower boundary of the bullish correction channel, accelerating the decline. On the other hand, if prices approach the 2685 resistance level, we could see a brief upward correction before the downtrend resumes, targeting below the 2525 mark.
If XAUUSD breaks the 2705 resistance level, this would signal a strong uptrend, indicating further growth and a potential move towards 2755 or higher.
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βοΈHOLD Alert
Gold futures rose 0.2% to $2,664.80 but remain in a narrow range due to dollar strength. Market awaits U.S. jobs data Wednesday, with sentiment driven by Fed policy outlook and geopolitical tensions.
Gold futures rose 0.2% to $2,664.80 but remain in a narrow range due to dollar strength. Market awaits U.S. jobs data Wednesday, with sentiment driven by Fed policy outlook and geopolitical tensions.
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βοΈBUY Alert
Gold remains above $2,640, driven by strong US job data, 73% odds of a Fed rate cut, and geopolitical tensions. Investors await key payroll data and Fed updates. Safety appeal supports BUY stance.
Gold remains above $2,640, driven by strong US job data, 73% odds of a Fed rate cut, and geopolitical tensions. Investors await key payroll data and Fed updates. Safety appeal supports BUY stance.
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#Daily GOLD Forecast β 4.12.2024
XAUUSD is poised for a potential decline. A test of the resistance line on the RSI indicator and a rebound from the upper border of the "Head and Shoulders" reversal pattern could trigger this movement.
A decisive break below the 2605 support level would confirm the bearish scenario and open the way for a further price drop towards the pattern's target levels.
However, a strong price surge above 2715 would invalidate the bearish outlook and signal a potential rally towards the 2765 resistance level.
In the short term, a bullish correction towards 2655 is possible, followed by a resumption of the downward trend.
XAUUSD is poised for a potential decline. A test of the resistance line on the RSI indicator and a rebound from the upper border of the "Head and Shoulders" reversal pattern could trigger this movement.
A decisive break below the 2605 support level would confirm the bearish scenario and open the way for a further price drop towards the pattern's target levels.
However, a strong price surge above 2715 would invalidate the bearish outlook and signal a potential rally towards the 2765 resistance level.
In the short term, a bullish correction towards 2655 is possible, followed by a resumption of the downward trend.
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