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20 Oct 2022
Gold Price Forecast: XAU/USD keeps sight of $1,615 and $1,600
Gold price is looking to extend the previous sell-off. As FXStreet’s Dhwani Mehta notes, XAU/USD remains on track to test $1,600.
Any recovery attempt could test $1,647
“The fresh downtrend opens doors for a test of the 2022 lows at $1,615 before the $1,600 threshold can be probed.”
“The 14-day Relative Strength Index (RSI) lurks below the midline, keeping the downside potential intact.”
“Any recovery attempt could test the previous trendline support turned resistance, now at $1,647. The next upside target is seen at intermittent lows at around $1,660. Bulls will then yearn for acceptance above the mildly bearish 21-Daily Moving Average (DMA) at $1,666.”