GOLD continue to move as part of the growth. At the time of the publication of the forecast, the price of GOLD is 1913 Dollars per Troy Oz. Moving averages indicate a short-term sideways trend. Prices broke through the area between the signal lines upwards, which indicates pressure from the 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 1890 area. Where can we expect a rebound and continued growth in the price of GOLD with a target above the level of 1990.
XAU/USD Forecast and GOLD analysis October 7, 2020
An additional signal in favor of raising the XAU/USD quotes will be a test of the uptrend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the growth option for GOLD prices on October 7, 2020 will be a fall and a breakdown of the level of 1870. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1835. Expect to accelerate the growth of XAU/USD quotes with the breakdown of the upper border of the descending channel and closing above 1940.
XAU/USD Forecast and GOLD analysis October 7, 2020 implies an attempt to test the support area near the level of 1890. Further, the growth of quotations with a target above the level of 1990 will continue. Cancellation of the GOLD price growth option will be a fall and a breakdown of the level of 1870. This will indicate breakdown of the support area. In this case, we should expect the continuation of the fall of GOLD with a potential target below the level of 1835.
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