GOLD continue to move as part of the correction and the formation of a large ”Triangle” pattern. At the time of the publication of the forecast, the price of GOLD is 1798 Dollars per Troy Oz. Moving averages indicate a short-term bullish trend. Prices broke 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 decline and test the support level near the 1770 area. Where can we expect a rebound and a continued rise in the price of GOLD with a potential target above the level of 1885.
XAU/USD Forecast and GOLD analysis October 29, 2021
An additional signal in favor of raising the XAU/USD quotes will be a test of the support area 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 raise GOLD prices on October 29, 2021 will be a fall and a breakdown of the level of 1735. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1695. Expect an acceleration of the rise in XAU/USD quotes with the breakdown of the resistance area and closing of the price above the level of 1820, which will indicate a breakdown of the upper border of the ”Triangle” model and the beginning of the development of this pattern.
XAU/USD Forecast and GOLD analysis October 29, 2021 implies an attempt to test the support area near the level of 1770. Further, the growth of quotations with a target above the level of 1885 will continue. This will indicate a breakout of the support area and cancellation of the pattern. In this case, we should expect the GOLD price to continue to decline with a potential target below the level of 1695.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
