GOLD continue to move as part of a strong growth and the beginning of the “Double Bottom” reversal pattern, which suggests the beginning of the pattern with targets at the top. At the time of publication of the forecast, the price of Gold is 1775 USD per Troy Ounce. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the asset and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a bearish correction and test the support level near the area of 1765. Where should we expect a rebound upwards and continued growth in the price of Gold with a potential target above the level of 1855.
GOLD Forecast and analysis November 16, 2022
An additional signal in favor of the rise 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 raise the price of Gold on November 16, 2022 will be a fall and a breakdown of the level of 1715. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 1675. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing the price above the level of 1805.
GOLD Forecast and analysis November 16, 2022 suggests an attempt to develop a price correction and a test of the support area near the level of 1765. Further, the continued growth of non-ferrous metal quotes with a target above the level of 1855. Cancellation of the option of raising the price of Gold will be a fall in the value of the asset on the markets and a breakdown of the level of 1715. This will indicate a continued decline in the price of Gold with a potential target below the level of 1675.
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