The quotes of XAU/USD continue to move within the correction and downward channel. At the time of publication of the forecast, the price of Gold is 1825 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 can expect an attempt to develop a bullish correction and a test of the resistance level near the 1840 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 1780.
GOLD Forecast and analysis for October 5, 2023
An additional signal in favor of an increase 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 upper border of the bearish channel. Cancellation of the option to reduce prices for Gold on October 5, 2023 will be a strong growth and a breakdown of the level of 1860. This will indicate a breakdown of the resistance area and continued growth of asset quotes to the area above the level of 1895. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing of the price below level 1825.
GOLD Forecast and analysis for October 5, 2023 assumes an attempt to develop a price correction and test the resistance area near the level of 1840. Further, a continued fall in quotations of the non-ferrous metal with a target below the level of 1780. 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 1860. This will indicate a continued rise in the price of Gold with a potential target above the level of 1895.
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