The quotes of XAU/USD continue to move within the framework of a strong strong bullish correction and a downward channel. At the time of publication of the forecast, the price of Gold is 1859 Dollars per Troy Ounce. Moving averages indicate a short-term bearish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the asset and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the 1885 area. From where we can expect a downward rebound and a continued fall in the price of Gold with a potential target below the level of 1805.
GOLD Forecast and analysis for October 13, 2023
An additional signal in favor of an increase in XAU/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the option to reduce prices for Gold on October 12, 2023 will be a strong growth and a breakdown of the level of 1905. This will indicate a breakdown of the resistance area and continued growth of asset quotes to the area above the level of 1945. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing prices below level 1845, which will indicate a breakdown of the lower boundary of the bullish correction channel.
GOLD Forecast and analysis for October 13, 2023 suggests an attempt to develop a price correction and test the resistance area near the level of 1885. Further, a continued fall in quotations of the non-ferrous metal with a target below the level of 1805. The cancellation of the option to reduce prices for Gold will be a strong increase in value asset in the markets and a breakdown of the level of 1905. This will indicate a continued rise in the price of Gold with a potential target above the level of 1945.
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