Gold quotes are traded at the level of 1708.80. 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 upper border of the Bollinger Bands indicator bands.
GOLD forecast and XAU/USD analysis on October 5, 2022
As part of the Gold forecast, a test of the level of 1694.50 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 1740.50. A conservative area for buying is located near the lower border of the Bollinger Bands indicator bands at the level of 1634.20.
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 1629.50 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 5, 2022 implies a test of the level of 1694.50. Further growth is expected to continue to the area above the level of 1740.50. The conservative area for buying is located area of 1634.20. Cancellation of the growth option for GOLD will be a breakdown of the level of 1629.50. In this case, we should expect the continuation of the fall.
