Gold ends the trading week with growth near the 1889 area. XAU/USD quotes continue to move within the growth and bullish channel. Moving averages indicate a bullish trend in Gold. Prices have broken through the area between the signal lines downwards, indicating pressure from sellers and a potential continuation of the price fall. At the moment, we should expect an attempt to develop a decline in prices and a test of the support level near the 1845 area. Next, a rebound in prices and continued growth of Gold with a potential target above the level of 2035.
GOLD Weekly Forecast October 16 — 20, 2023
An additional signal in favor of an increase in quotations and prices for Gold in the current trading week of October 16 — 20, 2023 will be a rebound from the support line on the relative strength indicator (RSI). 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 in price and a breakdown of the 1795 area. This will indicate a breakdown of the support level and a continued fall in Gold prices with a target below the level of 1745. Confirmation of the growth in the value of the asset will be a breakdown of the resistance area and closing quotes above the 1960 level, which will indicate on the breakdown of the upper boundary of the descending correction channel.
GOLD Weekly Forecast October 16 — 20, 2023 assumes an attempt to develop a decline and test the support level near the 1845 area. Then, a continued rise in Gold prices with a target above the level of 2035. A test of the trend line on the relative strength index (RSI) will be in favor of raising quotes. Cancellation of the growth option for Gold will be a fall and a breakdown of the level of 1795. This will indicate a continued decline in quotes to the area below the level of 1745.
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