Gold quotes are traded at the level of 1665.57. Gold moves above the level of moving media with a period of 55. This indicates the presence of bullish 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 4, 2022
As part of the Gold forecast, a test of the level of 1656.20 is expected. Where should we expect an attempt to continue the growth of Gold and the further development of an upward trend. The target of this movement is the area near the level of 1698.50. A conservative area for buying is located near the lower border of the Bollinger Bands indicator bands at the level of 1634.50.
Cancellation of the option to continue the growth of GOLD will be a breakdown of the area of the lower border of the Bollinger Bands indicator bands. As well as a moving average with a period of 55 and the closing of GOLD quotes below the 1625.60 area. This will indicate a change in the current trend in favor of the bearish trend in Gold. In the event of a breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration of growth.
GOLD forecast and XAU/USD analysis on October 4, 2022 implies a test of the level of 1656.20. Further growth is expected to continue to the area above the level of 1698.50. The conservative area for buying is located area of 1634.50. Cancellation of the growth option for GOLD will be a breakdown of the level of 1625.60. In this case, we should expect the continuation of the fall.
