GOLD is completing the trading week near the 1758 area. The XAU/USD quotes continue to move as part of the correction and the formation of the “Head and Shoulders” reversal pattern. Moving averages indicate a bearish trend for Gold. Prices have broken down the area between the signal lines, which indicates pressure from buyers and a potential continuation of the price rise. At the moment, we should expect an attempt to develop a price decline and a test of the support level near the 1715 area. Further, the GOLD price will continue to rise with a potential target above the level of 2065.
GOLD Price Forecast and Weekly Analysis October 11 — 15, 2021
An additional signal in favor of a rise in quotations and prices for GOLD in the current trading week October 11 — 15, 2021 will be a test of the trend line on the relative strength index (RSI), as we can see, prices push up after the test of this line. The second signal will be a rebound from the lower border of the “Head and Shoulders” inverted reversal pattern. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of 1655. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below 1565. Confirmation of the growth in the value of the asset will be a breakdown of the resistance area and closing of quotes above the level of 1875, which will indicate completion of the formation of the “Head and Shoulders” reversal pattern and the beginning of its development.
GOLD Price Forecast and Weekly Analysis October 11 — 15, 2021 assumes an attempt to test the support level near the 1715 area. Then, the GOLD prices will continue to rise with a target above the level of 2065. A test of the trend line on the relative strength index (RSI) will be in favor of the rise in quotes. Cancellation of the GOLD growth option will be a fall and a breakdown of the level of 1655. This will indicate a continued decline in quotations to the area below the level of 1565.
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