GOLD completes the trading week with a correction near the 1658 area. XAU/USD quotes continue to move as part of the correction and the formation of the “Wedge” reversal pattern. 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 decrease in prices and a test of the support level near the area of 1615. Further, the continuation of the growth in the price of Gold with a potential target above the level of 1785.
GOLD Weekly Forecast October 17 — 21, 2022
An additional signal in favor of the rise in quotes and prices for Gold in the current trading week October 17 — 21, 2022 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the “Wedge” reversal pattern. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the 1535 area. This will indicate a breakdown of the support level and a continued fall in Gold prices with a target below the level of 1485. 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 1725, which will indicate breakdown of the upper border of the reversal pattern “Wedge” and the beginning of the model with targets at the top.
GOLD Weekly Forecast October 17 — 21, 2022 suggests an attempt to test the support level near the 1615 area. Then, the continued growth in Gold prices with a target above the level of 1785. 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 1535. This will indicate a continued decline in quotes to the area below the level of 1485.
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