GOLD completes the trading week near the area of 1492. XAU/USD quotes continue to move as part of the correction and the bullish channel. Moving averages indicate a bullish trend for GOLD, which continues its steady development. At the moment, we should expect an attempt to reduce and test the support level near the area of 1460. Further, the continuation of the growth in the price of Gold with a potential target above the level of 1605.
GOLD Price Forecast and Analysis September 30 — October 4, 2019
In favor of the rise in quotations and gold prices in the current trading week September 30 — October 4, 2019, a test of the ascending trend line on the relative strength index (RSI) will be performed. 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 1405. 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 1335. 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 September 30 — October 4, 2019 suggests an attempt to test the support level near the area of 1460. Then, the continuation of the growth of gold prices with the target above the level of 1605. In favor of the rise in quotations, the trend line test 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 1405. This will indicate a continued decline in quotations to the area below the level of 1335.
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