FX.co ★ Technical analysis on Gold for October 13th, 2023.

Red lines- bearish channel

Blue lines -Fibonacci retracement levels

Gold price is trading around $1,912. Gold price has bounced towards $1,900 and the upper channel boundary, as expected by our previous analysis. Gold price has now reached important channel resistance while breaking above the 61.8% Fibonacci retracement level. Gold price has easily broken above the key Fibonacci retracement level of 61.8% and is now challenging the next Fibonacci resistance at the 78.6% retracement. Price remains inside the red downward sloping channel, so there is no clear indication of a major reversal in play. For now short-term trend is bullish as price continues making higher highs and higher lows.