Analysis of Gold for November 03, 2023 - Key resistance at the price of $1.991

Technical analysis:

Gold has been trading upside this morning but the key resistance at the price of $1.991 is on the test. There is potential for the rejection or the upside continuation.

In case of the rejection of the resistance at $1.991, there is the chance for the downside movement towards $1.971 and $1.961

In case of the upside breakout and hold above the resistance at $1.991, there is the chance for the rally towards $2.007

RSI oscillator is showing reading near 60, which his sign that demand is in control.