GOLD ends the trading week with a fall near the 1649 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 price growth and test the resistance level near the area of 1695. Further, the continuation of the fall in the price of GOLD with a potential target below the level of 1475.
GOLD Weekly Forecast October 31 — November 4, 2022
An additional signal in favor of a decrease in quotes and prices for Gold in the current trading week October 31 — November 4, 2022 will be a test of the resistance 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 option of falling XAU/USD quotes will be a strong rise in price and a breakdown of the area of 1775. This will indicate a breakdown of the resistance level and continued growth in the price of Gold with a target above the level of 1845. The fall in the value of the asset will be confirmed by a breakdown of the support area and closing of quotes below the level of 1605.
GOLD Weekly Forecast October 31 — November 4, 2022 suggests an attempt to test the resistance level near the area of 1695. Then, the continuation of the fall in Gold prices with a target below the level of 1475. A test of the trend line on the relative strength index (RSI) will come out in favor of a decrease in quotes. Cancellation of the option of falling GOLD will be a strong growth and a breakdown of the level of 1775. This will indicate a continued rise in quotes to the area above the level of 1845.
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