FX.co - Analysis of Gold for November 06, 2023 - Symmetrical triangle in creation, potential for the breakout

2023-11-06T09:19:16

Relevance until2023-11-07

Technical analysis:

Analysis of Gold for November 06, 2023 - Symmetrical triangle in creation, potential for the breakout

Gold has been trading sideways at the price of $1.986 and I found symmetrical triangle pattern in creation and potential for the breakout mode..

In case of the upside breakout of the resistance at $2.008 and hold above, I see potential for the further rally towards $2.042

In case of the downside breakout of the support level at $1.954, I see potential for the further drop towards $.918

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

*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 November 06, 2023 - Symmetrical triangle in creation, potential for the breakout