GOLD completes the trading week near the area of 1509. Quotes XAU/USD continue to move as part of the correction and the rising channel. Moving averages indicate a bullish trend for GOLD, prices were able to push off from the level between the signal lines, which indicates pressure from buyers. At the moment, we should expect an attempt to correct prices and test the support level near the area of 1485. Further, the continuation of the growth of the price of GOLD with a potential target above the level of 1625.
GOLD Price Forecast and Analysis November 4 — 8, 2019
In favor of the rise in quotations and GOLD prices in the current trading week November 4 — 8, 2019, a test of the ascending trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the bullish channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of 1445. This will indicate a breakdown of the lower border of the channel and a continued fall in the price of Gold with a target below the level of 1365. A confirmation of the development of growth will be a breakdown of the resistance area and closing above the level of 1545.
GOLD Price Forecast and Analysis November 4 — 8, 2019 suggests an attempt to test the support level near the area of 1485. Then, the continuation of the growth of prices for Gold with the target above the level of 1625. A trend line test on the relative strength index (RSI) will be in favor of raising the quotes. Cancellation of the Gold growth option will be a fall and a breakdown of the level of 1445. This will indicate a continued decline in quotations to the area below the level of 1365.
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