FX.co ★ Analysis of Gold for October 11, 2023 - Breakout of the consolidation to the upside

Technical analysis:

Gold has been trading upside today and I found that buyers are in control and that there is the breakout of the consolidation, which is good sign for the further rally.

Due to the breakout of the the consolidation and strong upside momentum, I see potential for the further rally towards next upside references.

Upside objectives are set at the price of $1.878 and $1.898

RSI oscillator did show positive reversal and reading abover 60 level, which is good sign for the bullish trend in place.

Key support is set at the price of $1.844