Quotes of GOLD continue to move as part of growth. At the time of the publication of the forecast, the price of GOLD is 1231 Dollars per Troy Oz. At the moment, we should expect an attempt to test the support level near the 1220 area. Where can we expect a rebound and the continued growth in the price of GOLD with the goal above the level of 1260.
XAU/USD forecast GOLD & analysis October 16, 2018
In favor of the growth of XAU/USD quotes, a test of the trend line on the relative strength index (RSI), as well as a rebound from the upper limit of the «Triangle» model, will come out. Cancellation of the option of rising GOLD prices will fall and the breakdown of the area of 1200, which will indicate the breakdown of the upper boundary of the model and the continued decline to the area below 1175. Expect confirmation of the growth of XAU/USD quotes with the breakdown of the resistance area and closing above the level of 1235
XAU/USD forecast GOLD & analysis October 16, 2018 suggests an attempt to test the support area near the level of 1220 and continue the growth of quotations with a goal above the level of 1260, cancellation of the option of rising gold prices will make the fall and breakdown of the 1200 level, which will indicate support breakdown In this case, we should expect the continuation of the fall of GOLD below the level of 1175.