SimpleFX  XAUUSD Chart Analysis: October 15, 2019

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The market moves within the yellow channel. Not so long ago there was a rebound from its upper wall, after which the price quickly went down. It is likely that during the next trading week we will see the market decline towards the lower yellow bound and the support level of 1438.77. This hypothesis is relevant, as the moving average line was broken below, and then the price was fixed below it. This fact can speak about the strength of bears. However, if we see that the price went above the moving average and broke through the resistance level of 1500.00, the growth will continue to the resistance of 1509.85, which is on the upper yellow wall.

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