GOLD continue to move within the correction and the downward channel. At the time of the publication of the forecast, the price of GOLD is 1891 Dollars per Troy Oz. Moving averages indicate a short-term bearish trend. Prices pushed down from the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a fall and a test of the support level near the 1860 area. Where can we expect a rebound and continued growth in the price of GOLD with a target above the level of 2035.
XAU/USD Forecast and GOLD analysis September 30, 2020
An additional signal in favor of the growth of the XAU/USD quotes will be a test of the broken trend line on the relative strength index (RSI). The second signal will be the formation of a “Double Bottom” reversal pattern. Cancellation of the option to raise GOLD prices on September 30, 2020 will be a fall and a breakdown of the level of 1810. This will indicate a breakdown of the support area and a continued fall to the area below the level of 1735. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the upper border of the descending channel and closing above the level of 1945.
XAU/USD Forecast and GOLD analysis September 30, 2020 suggests an attempt to test the support area near the level of 1860. Further, the growth of quotations with a target above the level of 2035 will continue. Cancellation of the GOLD price growth option will be a fall and a breakdown of the level of 1810. This will indicate breakdown of the support area. In this case, we should expect the continuation of the decline in GOLD with a potential target below the level of 1735.
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