GOLD completes the trading week near the level of 1232. Gold continues to trade above the upper limit of the Ichimoku Kinko Hyo Cloud, which indicates an upward trend in GOLD. A test of the Ichimoku Kinko Hyo signal line region is expected near the level of 1215, from where we can expect an attempt to rebound and continue to grow with a target near the level of 1280.
GOLD weekly forecast XAU/USD October 29 — November 2, 2018
An additional signal in favor of rising GOLD prices in the current trading week of October 29 — November 2, 2018 will be a rebound from the support level. Earlier, an average signal was received for BUY of GOLD, due to the crossing of signal lines at the level of 1195.
Cancellation of the growth of quotations of gold will be the breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with a close below the area of 1190, which will indicate a change in the upward trend in favor of the downward trend and the continuation of the fall in prices for GOLD. Expect to accelerate the growth of XAU/USD quotes with the breakdown of the resistance area and closing above the level of 1245.
GOLD weekly forecast XAU/USD October 29 — November 2, 2018 suggests an attempt to develop a correction to the level of 1215, from which one should expect a rebound and continued growth of quotations with a potential target near the level of 1280; a breakdown of the area of 1190 will be made; in this case, we should expect a further decline.