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 1505 Dollars per Troy Oz. Moving averages indicate a short-term downtrend. At the moment, we should expect an attempt to fall and test the support level near the area of 1480. Where can we expect a rebound and continued growth in the price of GOLD with a target above the level of 1560.
XAU/USD Forecast and GOLD analysis October 9, 2019
In favor of the rise in XAU/USD quotes, a test of the rising support line on the relative strength index (RSI) will come out. The second signal in favor of rising gold prices will be the formation of an inverted model of «Head and Shoulders». Cancellation of the option of rising gold prices on October 9, 2019 will be a fall and a breakdown of the level of 1445. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1405. Expect acceleration of the growth of XAU/USD quotes with a breakdown of the upper border of the downward channel and closing above 1535.
XAU/USD Forecast and GOLD analysis October 9, 2019 suggests an attempt to test the support area near the level of 1480. Further, continued growth of quotations with the target above the level of 1560. Cancellation of the option of rising prices for GOLD will be the fall and the breakdown of the level of 1445. This will indicate breakdown of the support area. In this case, we should expect continued decline in Gold below the level of 1405.
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