FX.co - Analysis of Gold for October 31, 2023

2023-10-31T09:58:45

Relevance until2023-11-01

Technical analysis:

Analysis of Gold for October 31, 2023 - Support on the test

Gold has been trading sideways at the price of $1.997 and there is potential for the re-test of the high or breakout of the rising trend-line.

In case of the rejection of the support at $1.990, there is the potential for the rally towards $2.010

In case of the breakout of the rising trend-line and support at $1.990, there is the chance for the drop towards $1.959

RSI oscillator is showing that trend is upside and that we didn't have major breakout of the 40 level.

*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 31, 2023 - Support on the test