GOLD continue to move within the framework of strong growth and were able to leave the downward channel. At the time of the publication of the forecast, the price of GOLD is 1947 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. However, prices have broken through the area between the signal lines upward, 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 correction and test the support level near the 1910 area. Where can we expect a rebound and continued growth in the price of GOLD with a target above the level of 2055.
XAU/USD Forecast and GOLD analysis November 6, 2020
An additional signal in favor of the growth of XAU/USD quotes will be a test of the support 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 to raise GOLD prices on November 6, 2020 will be a fall and a breakdown of the level of 1875. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1825. Expect to accelerate the growth of XAU/USD quotes with the breakdown of the resistance area and closing of the price above the level of 1975, which will indicate a breakdown of the lower border of the ascending channel.
XAU/USD Forecast and GOLD analysis November 6, 2020 implies an attempt to test the support area near the level of 1910. Further, the growth of quotations with a target above the level of 2055 will continue. breakdown of the support area. In this case, we should expect the continuation of the decline in GOLD with a potential target below the level of 1825.
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