Quotes of GOLD continue to move in the correction. At the time of the publication of the forecast, the price of GOLD is 1226 Dollars per Troy Oz. At the moment, we should expect an attempt to test the support level near the area of 1210. Where should we expect a rebound and continued growth in the price of GOLD with the goal above the level of 1245.
XAU/USD forecast GOLD & analysis October 18, 2018
In favor of the growth of XAU/USD quotes, a test of the trend line on the relative strength index (RSI) will be made. Cancellation of the option of rising GOLD prices will fall and the breakdown of the area of 1195, which will indicate a breakdown of the upper limit of the «Triangle» model and a continued decline to the area below the level of 1175. Expect confirmation of the growth of XAU/USD quotes with the breakdown of the resistance area and closure above 1235.
XAU/USD forecast GOLD & analysis October 18, 2018 suggests an attempt to test the support area near the level of 1210 and continue the growth of quotations with a target above the level of 1245, the cancellation of the GOLD price growth option will be a fall and a breakdown of the level of 1195, which will indicate a breakdown of support In this case, we should expect the continuation of the fall of GOLD below the level of 1175.