GOLD is trading at 1222 and continues to move as part of the correction. Gold is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, which indicates that there is an upward trend in Gold. As part of the GOLD forecast & analysis XAU/USD October 24, 2018, a test of the upper limit of the Ichimoku Kinko Hyo Cloud is expected near the level of 1220, from where it is necessary to expect a rebound and continued growth of Gold with a target near the level of 1245.
GOLD forecast & analysis XAU/USD October 24, 2018
An additional signal in favor of the growth of XAU/USD quotes will be a rebound from the support area, as well as a test of the lower limit of the «Triangle» model. Earlier, a weak signal was received for SELL of the Gold, due to the intersection of signal lines at the 1225 level.
Cancellation of the price increase for Gold will be the breakdown of the lower border of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the 1205 area, which will indicate a change in the upward trend in favor of the downward trend and the continued decline in the price of Gold with a potential target near the 1175 area. USD stands with the breakdown of the upper boundary of the model «Triangle» and closing above the level of 1235.
GOLD forecast & analysis XAU/USD October 24, 2018 suggests an attempt to test the support level near the 1220 area, from where we expect further growth of quotations with a potential target near the 1245 level, breaking up the growth option will be a breakdown of the 1205 region, which will indicate a continuation of the XAU quotations fall.