GOLD Forecast And Analysis For May 9, 2025

Golden Gleam

Commodity

Economic

Technical Analysis

Summary:

XAU/USD quotes continue to move within the development of the correction and the bullish…

XAU/USD quotes continue to move within the development of the correction and the bullish channel. At the time of publication of the forecast, the price of Gold for today is 3340 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term upward trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from asset buyers and potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a bearish correction of gold and a test of the support level near the 3320 area. From where we should expect an upward rebound and continued growth in the price of Gold with a potential target above the level of 3525.

GOLD Forecast and Analysis for May 9, 2025

An additional signal in favor of the growth of XAU/USD quotes will be a test of the support line on the relative strength indicator (RSI indicator). The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the Gold price increase option on May 9, 2025 will be a fall in prices and a breakout of the 3295 level. This will indicate a breakout of the support area and a continuation of the fall in asset quotes to the area below the 3245 level. It is worth expecting an acceleration of the growth of XAU/USD quotes with a breakout of the resistance area and a price close above the 3425 level.

GOLD Forecast and Analysis for May 9, 2025 suggests an attempt to develop a price decline and test the support area near the 3320 level. Further, the continuation of the growth of non-ferrous metal quotes with a target above the 3525 level. The cancellation of the Gold price increase option will be a fall in the asset value on the markets and a breakout of the 3295 level. This will indicate a continuation of the decline in Gold prices with a potential target below the 3245 mark.

Source: forex24.pro

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