FX.co - Analysis of Gold for October 26, 2023 - Breakout of the supply trendline in the background

2023-10-26T06:20:11

Relevance until2023-10-27

Technical analysis:

Analysis of Gold for October 26, 2023 - Breakout of the supply trendline in the background

Gold has been trading upside in the background as I expected and I found breakout of the supply trend-line, which is good sign for the further rally.

Due to the strong upside condition and breakout of the supply trend-line, I see potential for the further rally towards upside references..

Upside objectives are set at $1.996 and $2.016

RSI oscillator is showing reading around 60, which is sign that buyers are in control.

Key support is set at the price of $1.952

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for October 26, 2023 - Breakout of the supply trendline in the background