FX.co - Analysis of Gold for November 07, 2023 - Key support on the test at the price of $1.961

2023-11-07T09:43:10

Relevance until2023-11-08

Technical analysis:

Analysis of Gold for November 07, 2023 - Key support on the test at the price of $1.961

Gold has been trading downside today and I found that there is important pivot zone around $1.961-$1.954.

In case of the potential rejection of the support zone, there is the chance for the upside movement towards $2.000

In case of the downside breakout and hold below support zone, there is the chance for the further drop towards $1.918

RSI oscillator is showing reading below the 40, which is sign that trend condition is turning into bearish..

*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 07, 2023 - Key support on the test at the price of $1.961