FX.co ★ Analysis of Gold for November 01, 2023 - Key support zone on the test

Technical analysis:

Gold has been trading downside this morning but I found rejection of the support area at $1.976.

In case if the rejection of the support can sustain, I see potential for the further rally towards upside references at $1.991 and $2007

In case of the downside breakout of the support at $1.976, there is the chance for the drop towards lower references at $1.962 and $1.953

RSI oscillator is showing reading below 50, which is sign that sellers are in control and the trend range is to the downside...