FX.co ★ Technical analysis on Gold for October 12th, 2023.

Red lines- bearish channel

Blue lines- Fibonacci retracement levels

Gold price is trading above $1,880 and continues making higher highs and higher lows in the near term. Price remains inside the medium-term downward sloping red channel. Price as expected by our previous posts, is bouncing higher towards the upper channel boundary around $1,900 Thus far Gold price has retraced more than 50% of our last decline. Next upside target is at the 61.8% Fibonacci retracement level at $1,895. Our view since the beginning of this reversal was that Gold should reach the upper channel boundary around $1,900. So we continue to believe there is still some upside potential for Gold price.