GOLD continue to move as part of the correction and the bearish channel. At the time of the publication of the forecast, the price of GOLD is 1499 Dollars per Troy Oz. Moving averages indicate a short-term downtrend. At the moment, we should expect an attempt to grow and test the resistance level near the area of 1515. Where can we expect a rebound and the continuation of the fall in the price of GOLD with a target below the level of 1430.
XAU/USD Forecast and GOLD analysis October 3, 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 upper border of the downward channel. Cancellation of the option of falling Gold prices on October 3, 2019 will be a strong growth and a breakdown of the level of 1530. This will indicate a breakdown of the upper border of the channel and continued growth to an area above the level of 1575. Expect an acceleration of the fall in XAU/USD quotes with the breakdown of the support area and closing below 1450.
XAU/USD Forecast and GOLD analysis October 3, 2019 suggests an attempt to test the resistance area near the level of 1515. Further, the continuation of the fall in quotations with the target below the level of 1430. Cancellation of the option to reduce the price of Gold will be a strong growth and the breakdown of the level of 1530. 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 1575.
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