GOLD completes the trading week with a correction near the 1672 area. XAU/USD quotes continue to move within the correction and the downward 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 decrease in prices and a test of the support level near the area of 1640. Further, the continuation of the growth in the price of Gold with a potential target above the level of 1855.
GOLD Weekly Forecast October 3 — 7, 2022
An additional signal in favor of the rise in quotes and prices for GOLD in the current trading week October 3 — 7, 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 border of the descending channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the 1570 area. This will indicate a breakdown of the support level and a continued fall in Gold prices with a target below the level of 1535. 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 17215, which will indicate breakdown of the upper border of the descending channel.
GOLD Weekly Forecast October 3 — 7, 2022 suggests an attempt to test the support level near the 1640 area. Then, the continued growth in GOLD prices with a target above the level of 1855. 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 1570. This will indicate a continued decline in quotes to the area below the level of 1535.
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