Quotes of GOLD continue to move as part of the correction and development of the «Triangle» model. At the time of the publication of the forecast, the price of GOLD is 1232 Dollars per Troy Oz. At the moment, we should expect an attempt to test the lower boundary of the bullish channel near the area of 1220. Where can we expect a rebound and continued growth in the price of GOLD with the target above the level of 1255.
XAU/USD forecast GOLD & analysis October 24, 2018
In favor of the growth of XAU/USD quotes, there will be a test of the trend line on the relative strength index (RSI), as well as a test of the support area on the price chart. Cancellation of the option of rising GOLD prices will fall and the breakdown of the area of 1215, indicating a breakdown of the lower boundary of the channel and a continued decline to the area below the level of 1195. Expect confirmation of the growth of XAU/USD quotes with the breakdown of the resistance area and closing above the level of 1240.
XAU/USD forecast GOLD & analysis October 24, 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 1255, the cancellation of the price increase option for gold will make a fall and a breakdown of the level of 1215, which will indicate a breakdown of support In this case, we should expect the continuation of the fall of GOLD below the level of 1195.