GOLD completes the trading week near the area of 1505. XAU/USD quotes continue to move as part of the correction and the rising channel. Moving averages indicate the presence of a bullish trend for GOLD, prices still push off from the level between the signal lines. At the moment, we should expect an attempt to reduce and test the support level near the area of 1470. Further, the continuation of the growth in the price of GOLD with a potential target above the level of 1610.
GOLD Price Forecast and Analysis October 7 — 11, 2019
In favor of the rise in quotations and GOLD prices in the current trading week October 7 — 11, 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 border of the bullish 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 1345. A confirmation of the development of growth will be a breakdown of the resistance area and closing above the level of 1565.
GOLD Price Forecast and Analysis October 7 — 11, 2019 suggests an attempt to test the support level near the area of 1470. Then, the continuation of the growth of Gold prices with the target above the level of 1610. In favor of the rise in quotations, the trend line test on the relative strength index (RSI) will be in favor. 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 1345.
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