GOLD continue to move as part of the reduction and the development of the «Triangle» model. At the time of the publication of the forecast, the price of GOLD is 1463 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend that is nearing completion. At the moment, we should expect an attempt to correct and test the resistance level near the area of 1485. Where can we expect a rebound and the continuation of the fall in the price of GOLD with a target below the level of 1345.
XAU/USD Forecast and GOLD analysis October 2, 2019
In favor of reducing the XAU/USD quotes, a test of the downward resistance line on the relative strength index (RSI) will come out. The second signal in favor of falling GOLD prices will be a rebound from the lower boundary of the «Triangle» model. Cancellation of the option of falling Gold prices on October 2, 2019 will be a strong growth and a breakdown of the level of 1525. This will indicate a breakdown of the upper boundary of the model and continued growth to an area above the level of 1565. Expect an acceleration in the fall of XAU/USD quotes with a breakdown of the support area and closing below 1445.
XAU/USD Forecast and GOLD analysis October 2, 2019 suggests an attempt to test the resistance area near the level of 1485. Further, the continuation of the fall in quotations with the target below the level of 1345. Cancellation of the option to reduce the price of Gold will be a strong growth and the breakdown of the level of 1525. This will indicate on the breakdown of the resistance area. In this case, we should expect the continuation of the rise of Gold above the level of 1565.
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