FX.co ★ Short-term technical analysis on Gold for October 17th, 2022.

Red lines- bearish channel

Blue line- expected move

Black lines- bullish RSI divergence

Gold price is trading around $1,657 and is showing bullish potential in the near term. Price has most probably completed the decline from $1,728. The bullish RSI divergence in the 4 hour chart increases the chances that Gold will continue higher towards $1,700 this week. Gold remains inside the medium-term bearish channel. Although medium-term trend remains bearish, a bounce towards the channel boundary is both justified and wanted by bears. We expect over the coming two trading sessions, Gold to reach and test $1,700.