Quotes of GOLD continue to move within the framework of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the price of GOLD is 1223 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 1250.
XAU/USD forecast GOLD & analysis October 23, 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 1210, which will indicate a breakdown of the lower boundary of the «Triangle» model and a continued decline to the area below the level of 1185. Expect confirmation of the growth of the XAU/USD quotations with the breakdown of the upper boundary of the model and close above 1230.
XAU/USD forecast GOLD & analysis October 23, 2018 suggests an attempt to test the support area near the level of 1220 and continue the growth of quotations with a target above the level of 1250, the cancellation of the price increase option for GOLD will make a fall and a breakdown of the level of 1210, which will indicate a breakdown of support In this case, we should expect the continuation of the fall of Gold below the level of 1185.