Forecast for Gold on October 21, 2020

GOLD

Gold confirmed the initial signals for growth this morning. The confirmation was the sharp exit of the price over the balance indicator line on the daily chart.

analytics5f8f9dd82b254.jpg

Earlier, the Marlin Oscillator turned up from the border with the territory of the "bears" at the same time that the price turned from the lower border of the price channel. Now, the nearest target is the MACD line at 1945.00. Overcoming the MACD line opens the second goal of 1960.00 - the resistance of the nested line of the price channel. The third goal is 1992.00 - the next line of the price channel and the top on September 1 (checkmark).

analytics5f8f9de5df770.jpg

On the four-hour chart, the price was fixed above both indicator lines - the balance line and the MACD line. Meanwhile, the Marlin Oscillator strengthened in the positive zone. We are anticipating the continued growth of the gold's price.

The material has been provided by InstaForex Company - www.instaforex.com