An additional signal in favor of a rise in quotations and prices for GOLD in the current trading week October 25 — 29, 2021 will be a test of the trend line on the relative strength index (RSI), as we can see, prices push up after the test of this line. The second signal will be a rebound from the lower border of the “Head and Shoulders” pattern. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of 1655. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below 1575. Confirmation of the growth in the value of the asset will be a breakdown of the resistance area and closing of quotes above the level of 1875, which will indicate completion of the formation of the “Head and Shoulders” reversal pattern and the beginning of its development.
assumes an attempt to test the support level near the 1730 area. Then, the GOLD prices will continue to rise with a target above the level of 2175. A test of the trend line on the relative strength index (RSI) will be in favor of the rise in quotes. Cancellation of the GOLD growth option will be a fall and a breakdown of the level of 1655. This will indicate a continued decline in quotations to the area below the level of 1575.
Weekly target is +3.500 PIPs Profit
Posted: October 24, 2021 at 10:24 pm