Gold quotes are traded at the level of 1646.07. Gold moves above the level of moving media with a period of 55. This indicates the presence of bearish for Gold. At the moment, GOLD quotes are moving near the middle border of the Bollinger Bands indicator bands.
GOLD forecast and XAU/USD analysis on October 20, 2022
As part of the Gold forecast, a test of the level of 1653.20 is expected. Where should we expect an attempt to continue the fall of Gold and further development of the downward trend. The target of this movement is the area near the level of 1623.30. The conservative area for sales is located near the upper border of the Bollinger Bands indicator bands at the level of 1664.50.
Cancellation of the option to continue the fall of Gold will be a breakdown of the area of the upper border of the Bollinger Bands indicator bands. As well as a moving average with a period of 55 and the closing of Gold quotes above the 1675.20 area. This will indicate a change in the current trend in favor of the bullish for Gold. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration of the fall.
GOLD forecast and XAU/USD analysis on October 20, 2022 implies a test of the level of 1653.20. Further, it is expected to continue falling to the area below the level of 1623.30. The conservative selling area is located area of 1664.50. Cancellation of the option of falling Gold will be a breakdown of the level of 1675.20. In this case, we should expect continued growth.
