FX.co ★ Analysis of Gold for October 16, 2023 - Strong upside momentum in the background and potential for the further rally

Technical analysis:

Gold has been trading upside in the background as I expected and I found strong impulsive move, which is sign for the institutional demand. There is still chance for the higher prices after the pullback.

Due to the strong momentum in the background and no change in the trend dynamic, I see potential for the further rally once the pullback finish.

Next upside objective is set at the price of $1.945

RSI oscillator is showing bullish trend, which is another sign for the upside continuation in the next period.

Support zone is set at between the price $1.892-$1.906