GOLD continue to move as part of the development of the correction and the downward channel. At the time of the publication of the forecast, the price of Gold is 1646 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 down, which indicates pressure from sellers of the asset and a potential continuation of the fall already from current levels. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the 1655 area. Where should we expect a rebound down and a continuation of the fall in the price of Gold with a potential target below the level of 1595.
GOLD Forecast and analysis November 3, 2022
An additional signal in favor of a decrease 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 of falling prices for Gold on November 3, 2022 will be a strong growth and a breakdown of the level of 1665. This will indicate a breakdown of the resistance area and a continuation of the rise to the area above the level of 1705. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing the price below the level of 1625, which will indicate a breakdown of the lower border of the bullish correction channel.
GOLD Forecast and analysis November 3, 2022 suggests an attempt to develop a price correction and a test of the resistance area near the level of 1655. Further, the continued fall of the non-ferrous metal quotes with a target below the level of 1595. Cancellation of the option to reduce the price of Gold will be a strong increase in the cost asset on the markets and a breakdown of the level of 1665. This will indicate a continued increase in the price of Gold with a potential target above the level of 1705.
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