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Daily GOLD Forecast – 4.10.2022

An additional signal in favor of the rise in XAU/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the “Wedge” reversal pattern. Cancellation of the option to raise the price of Gold on 4th October 2022 will be a fall and a breakdown of the level of 1605. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 1565. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing the price above the level of 1705.

Suggests an attempt to test the support area near the level of 1645. Further, the continuation of the growth of quotations with the target above the level of 1745. Cancellation of the option of raising the price of Gold will be a fall in the value of the asset in the markets and a breakdown of the level of 1605 This will indicate a decline in the price of Gold with a potential target below the 1565 level.