GOLD completes the trading week with a correction near the 1697 area. XAU/USD quotes continue to move within the correction and have left the descending channel. Moving averages indicate the presence of a bearish trend for GOLD. Prices have broken through the area between the signal lines down, which indicates pressure from sellers and a potential continuation of the price fall. At the moment, we should expect an attempt to develop a price decline and test the support level near the 1665 area. Further, the continuation of the growth in the price of Gold with a potential target above the level of 1850.
GOLD Weekly Forecast October 10 — 14, 2022
An additional signal in favor of the rise in quotes and prices for GOLD in the current trading week October 10 — 14, 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 descending channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the 1595 area. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below the level of 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 1735, which will indicate breakdown of the upper border of the reversal pattern “Head and Shoulders”.
GOLD Weekly Forecast October 10 — 14, 2022 suggests an attempt to test the support level near the area of 1665. Then, the continued growth in GOLD prices with a target above the level of 1850. A test of the trend line on the relative strength index (RSI) will come out in favor of the rise in quotes. Cancellation of the growth option for GOLD will be a fall and a breakdown of the level of 1595. This will indicate a continued decline in quotes to the area below the level of 1565.
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