GOLD continue to move as part of the development of the correction and the formation of the “Head and Shoulders” reversal pattern. At the time of the publication of the forecast, the price of Gold is 1669 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall already from current levels. At the moment, we should expect an attempt to develop a correction and test the support level near the area of 1660. Where should we expect a rebound upwards and continued growth in the price of Gold with a potential target above the level of 1785.
XAU/USD Forecast and GOLD analysis October 13, 2022
An additional signal in favor of the rise in 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 the price of Gold on October 13, 2022 will be a fall and a breakdown of the level of 1615. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 1545. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing the price above the level of 1745, which will indicate the completion of the formation of the “Head and Shoulders” reversal pattern and the beginning of working out with targets at the top.
XAU/USD Forecast and GOLD analysis October 13, 2022 suggests an attempt to develop a downward price correction and a test of the support area near the level of 1660. Further, the continued rise in the quotes of the non-ferrous metal with a target above the level of 1785. an asset in the markets and a breakdown of the level of 1615. This will indicate a decrease in the price of Gold with a potential target below the level of 1545.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
