GOLD ends the trading week with a fall near the 1757 area. XAU/USD quotes continue to move as part of the growth and the downward channel. There is still potential for working out the double bottom reversal pattern. Moving averages indicate the presence of a bearish trend for Gold. Prices are again testing the area between the signal lines, which indicates pressure from sellers and a potential continuation of the price fall. At the moment, we should expect an attempt to develop a decrease in prices and a test of the support level near the 1720 area. Further, the continuation of the growth in the price of Gold with a potential target above the level of 1975.
GOLD Weekly Forecast November 14 — 18, 2022
An additional signal in favor of the rise in quotes and prices for Gold in the current trading week November 14 — 18, 2022 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the double bottom reversal pattern. Cancellation of the growth option for XAU/USD quotes will be a fall in the price and a breakdown of the area of 1585. This will indicate a breakdown of the support level and a continued fall in the price of Gold with a target below the level of 1515. A 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 1795.
GOLD Weekly Forecast November 14 — 18, 2022 suggests an attempt to test the support level near the 1720 area. Then, the continued growth in Gold prices with a target above the level of 1975. A test of the trend line on the relative strength index (RSI) will come out in favor of the quotes rise. Cancellation of the growth option for GOLD will be a fall and a breakdown of the level of 1585. This will indicate a continued decline in quotes to the area below the level of 1515.
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