FX.co ★ Analysis of Gold for October 30, 2023 - Re-test of the previous swing highs

Technical analysis:

Gold has been trading downside this morning and I found that market is re-testing previous resistance level at $1.993. If market can't reject of the previous swigns highs, it is the sign for the further weakness.

In case of the rejection of the area at $1.993, there is the chance for the re-test of the swing high at 2.0007.

In case of the downside breakout $1.979 and hold below, there is the chance for the further drop towards the $1.959 and $1.953

RSI oscillator is showing neutral reading around 50 market, which is sign of the indecision.