Quotes of GOLD continue to move in the framework of the decline and start of the «Triangle» model. At the time of publication of the forecast, the GOLD price is 1186 Dollars for the Troy Ounce. At this point, we should expect an attempt to test the resistance level near the area of 1190. Where can we expect a rebound and continue to reduce the price of gold with a target below 1160 level.
XAU/USD forecast GOLD & analysis October 2, 2018
In favor of falling quotations XAU/USD will test the trend line on the indicator of relative strength index (RSI), as well as a rebound from the broken border of the model «Triangle». Canceling the option of falling prices for GOLD will be a strong growth and breakdown of the region of 1210, which will indicate the breakdown of the resistance area and the continuation of growth in the area above the level of 1245. To expect confirmation of the fall in quotes XAU/USD stands with the breakdown of the support area and closing below the level of 1177.
XAU/USD forecast GOLD & analysis October 2, 2018 suggests an attempt to test the resistance area near the level of 1190 and the continuation of the drop in quotations below the 1160 level, the cancellation of the GOLD price reduction option will result in a strong growth and a breakdown at level 1210, which will indicate a breakdown resistance, in this case, we should expect the continuation of GOLD growth above the level of 1245.
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