GOLD completes the trading week near the area of 1507. Quotes XAU/USD continue to move as part of the correction and the rising channel. Moving averages indicate a bullish trend for GOLD, prices again pushed off the level between the signal lines, which indicates pressure from buyers. At the moment, we should expect an attempt to reduce and test the support level near the area of 1480. Further, the continuation of the growth in the price of Gold with a potential target above the level of 1630.
GOLD Price Forecast and Analysis October 28 — November 1, 2019
In favor of the rise in quotations and GOLD prices in the current trading week October 28 — November 1, 2019 a test of the ascending trend line on the relative strength index (RSI) will be made. The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of 1415. This will indicate a breakdown of the lower boundary of the channel and a continued fall in the price of Gold with a target below the level of 1355. A confirmation of the development of growth will be a breakdown of the resistance area and closing above the level of 1555.
GOLD Price Forecast and Analysis October 28 — November 1, 2019 suggests an attempt to test the support level near the area of 1480. Then, the continuation of the growth of prices for GOLD with the target above the level of 1630. In favor of the rise in quotations, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the GOLD growth option will be a fall and a breakdown of the level of 1415. This will indicate a continued decline in quotations to the area below the level of 1355.
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