Quotes of GOLD continue to move as part of growth. At the time of the publication of the forecast, the price of GOLD is 1220 Dollars per Troy Oz. At the moment, we should expect an attempt to test the lower boundary of the ascending channel near the area of 1230. Where should we expect a rebound and the continuation of the fall in the price of GOLD with a target below the level of 1200.
XAU/USD forecast GOLD & analysis October 31, 2018
The test of the trend line on the relative strength index (RSI), as well as the resistance level test on the price chart, will be in favor of the XAU/USD quotes drop. Cancellation of the option of falling GOLD prices will be a strong growth and a breakdown of the 1235 area, which will indicate a breakdown of the channel boundary and continued growth to the area above 1255. Expect confirmation of a drop in XAU/USD quotes with the breakdown of the support area and closing below 1215.
XAU/USD forecast GOLD & analysis October 31, 2018 suggests an attempt to test the resistance area near the 1230 level and continue falling quotations with a target below the 1200 level, canceling the GOLD price drop option will lead to strong growth and a breakdown of the 1235 level, which will indicate a breakdown resistance, in this case, we should expect continued growth of gold above the level of 1255.