Quotes of GOLD XAU/USD continue to move within the limits of the decline. At this point, we should expect an attempt to test the level of 1280 and complete the formation of the reversal model of the «Head and Shoulders».
XAU/USD prediction & technical analysis on October 20, 2017
Where again we should expect a rebound and a rise in gold prices above the level of 1335. In favor of the growth of XAU/USD quotes, the support line test is on the indicator of relative strength index (RSI). Cancellation of the variant of the growth of the price for Gold will be the breakdown of the area of 1260, which will indicate that the price of GOLD XAU/USD continues to fall below the level of 1200. Expect to accelerate growth with the break of the level of the Neck line and the closing of quotes above area 1307.
XAU/USD prediction & technical analysis on October 20, 2017 suggests an attempt to fall below the level of 1275, from which it is expected to rebound and continue to rise in gold prices above the level of 1335 as part of the development of the reversal pattern.