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 1663 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bullish 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 correction and a test of the support level near the 1650 area. Where should we expect a rebound upwards and continued growth in the price of Gold with a potential target above the level of 1705.
GOLD Forecast and analysis October 28, 2022
An additional signal in favor of the growth of 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 growth option for Gold prices on October 28, 2022 will be a fall and a breakdown of the level of 1635. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1595. 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 1685, which will indicate a breakdown of the upper boundary of the descending channel.
GOLD Forecast and analysis October 28, 2022 suggests an attempt to develop a price correction and test the support area near the level of 1650. Further, the continued growth of non-ferrous metal quotes with a target above the level of 1705. in the markets and a breakdown of the level of 1635. This will indicate a decrease in the price of Gold with a potential target below the level of 1595.
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