The quotes of XAU/USD continue to move within the growth and bullish channel. At the time of publication of the forecast, the price of Gold is 1996 Dollars per Troy Ounce. Moving averages indicate a short-term bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the asset and potential continued growth from current levels. At the moment, we should expect an attempt to develop a bearish correction and a test of the support level near the 1970 area. From where we can expect a rebound upward and continued growth in the price of Gold with a potential target above the level of 2065.
GOLD Forecast and analysis for November 1, 2023
An additional signal in favor of growth in XAU/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to increase prices for Gold on November 1, 2023 will be a fall and a breakdown of the level of 1930. This will indicate a breakdown of the support area and a continued fall in asset quotes to the area below the level of 1895. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing of the price above the level 2025.
GOLD Forecast and analysis for November 1, 2023 assumes an attempt to develop a price correction and test the support area near the level of 1970. Further, continued growth in quotations of the non-ferrous metal with a target above the level of 2065. The cancellation of the option of raising Gold prices will be a fall in the value of the asset in the markets and a breakdown of the level of 1930. This will indicate a continued decline in the price of Gold with a potential target below the level of 1895.
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