GOLD continue to move as part of the growth and upward channel. At the time of the publication of the forecast, the price of GOLD is 1506 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. At the moment, we should expect an attempt to reduce and test the support level near the area of 1485. Where can we expect a rebound and continued growth in the price of GOLD with a target above the level of 1565.
XAU/USD Forecast and GOLD analysis October 29, 2019
In favor of raising the XAU/USD quotes, a test of the broken trend line on the relative strength index (RSI) will come out. The second signal in favor of rising gold prices will be a rebound from the lower border of the bullish channel. Cancellation of the option of rising GOLD prices on October 29, 2019 will be a fall and a breakdown of the level of 1460. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1425. Expect acceleration of the growth of XAU/USD quotes with the breakdown of the resistance area and closing above 1520.
XAU/USD Forecast and GOLD analysis October 29, 2019 suggests an attempt to test the support area near the level of 1485. Further, continued growth of quotations with the target above the level of 1565. Cancellation of the option of rising prices for GOLD will be the fall and the breakdown of the level of 1460. This will indicate breakdown of the support area. In this case, we should expect continued decline in GOLD below the level of 1425.
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