GOLD continue to move as part of the correction and the formation of a large ”Triangle” pattern. At the time of the publication of the forecast, the price of GOLD is 1786 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a decline and test the support level near the 1760 area. Where can we expect a rebound and a continued rise in the price of GOLD with a potential target above the level of 1855.
XAU/USD Forecast and GOLD analysis November 2, 2021
An additional signal in favor of raising the XAU/USD quotes will be a test of the support area on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to raise GOLD prices on November 2, 2021 will be a fall and a breakdown of the level of 1735. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1695. Expect an acceleration of the rise in XAU/USD quotes with the breakdown of the resistance area and closing of the price above the level of 1820, which will indicate the breakdown of the upper border of the ”Triangle” model and the beginning of the development of this pattern.
XAU/USD Forecast and GOLD analysis November 2, 2021 implies an attempt to test the support area near the level of 1760. Further, the growth of quotations with a target above the level of 1855 will continue. This will indicate a breakout of the support area and cancellation of the pattern. In this case, we should expect the GOLD price to continue to decline with a potential target below the level of 1695.
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