GOLD XAU/USD close the trading week near the area of 1202. Quotes continue to move as part of the formation of the «Triangle» model. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1210. Then, the continuation of the decline in the price of GOLD with a potential target below 1145 began.
GOLD weekly forecast & analysis October 8 — 12, 2018
A test of the trend line on the relative strength index (RSI) will be in favor of the fall in quotations and prices for GOLD in the current trading week of October 8 — 12, 2018. Cancellation of the option to reduce XAU/USD quotes will be a strong growth and a breakdown of the 1230 region, which will indicate a breakdown of the upper boundary of the channel and a continued rise in Gold prices with a target above 1265. A confirmation of the downward trend development will be a breakdown of the lower boundary of the «Triangle» model and a close below 1175, which indicates an acceleration in the decline in the price of GOLD.
GOLD weekly forecast & analysis October 8 — 12, 2018 suggests an attempt to test the resistance level near the 1210 area and continue the fall in GOLD prices with a target below the level of 1145; a test of the trend line on the relative strength index (RSI) will act in favor of the decline, canceling the fall option GOLD will be a strong growth and the breakdown of the level of 1230, which will indicate continued growth of quotations in the area above the level of 1265.
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