Gold ends the trading week with growth near the 1976 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 upward, which indicates pressure from buyers and a potential continuation of price growth. At the moment, we should expect an attempt to develop a price correction and a test of the support level near the 1905 area. Next, a rebound in prices and continued growth of Gold with a potential target above the level of 2145.
GOLD Weekly Forecast October 23 — 27, 2023
An additional signal in favor of an increase in quotations and prices for Gold in the current trading week of October 23 — 27, 2023 will be a rebound from the support line on the relative strength indicator (RSI). The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the growth option for XAU/USD quotes will be a fall in price and a breakdown of the 1825 area. This will indicate a breakdown of the support level and a continued fall in Gold prices with a target below the level of 1765. Confirmation of the growth in the value of the asset will be a breakdown of the resistance area and closing quotes above the 1995 level.
GOLD Weekly Forecast October 23 — 27, 2023 assumes an attempt to develop a decline and test the support level near the 1905 area. Then, a continued rise in Gold prices with a target above the level of 2145. 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 1825. This will indicate a continued decline in quotes to the area below the level of 1765.
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