FX.co ★ Analysis of Gold for October 24, 2023 - Symmetrical triangle pattern in creation

Technical analysis:

Gold has been trading sideways at the price of $1.974 and I found that symmetrical triangle pattern is in creation and there is potential for the breakout mode.

In case of the upside breakout of the resistance at $1.980, there is the chance for the upside movement towards objective at $1.995

In case fo the downside breakout of the support zone at $1.960, there is the chance for the further drop towards the level $1.937

RSI oscillator is showing neutral reading around the 50 level, which is another confirmation fo the indecision on the hourly time-frame.