GOLD continue to move as part of the development of the correction and left the bullish channel. At the time of the publication of the forecast, the price of Gold is 1661 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 resistance level near the area of 1670. Where should we expect a rebound down and a continuation of the fall in the price of Gold with a potential target below the level of 1605.
XAU/USD Forecast and GOLD analysis October 18, 2022
An additional signal in favor of falling XAU/USD quotes will be a test of the resistance line 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 reduce the price of Gold on October 18, 2022 will be a strong growth and a breakdown of the level of 1690. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1755. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing the price below the level of 1635 .
XAU/USD Forecast and GOLD analysis October 18, 2022 suggests an attempt to develop a bullish price correction and test the resistance area near the level of 1670. Further, the continued decline in the quotations of the non-ferrous metal with a target below the level of 1605. Cancellation of the option to reduce the price of Gold will be a strong growth the value of the asset in the markets and a breakdown of the level of 1690. This will indicate a rise in the price of Gold with a potential target above the level of 1755.
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