FX.co ★ Analysis of Gold for November 08, 2023 - Key support on the test

Technical analysis:

Gold has been trading downside and I found that price is testing the key support zone at $1.955. There is potential for the rejection or the breakout to the downside.

In case of the rejection of the support at $1.955, I see potential for the further rally towards the upper part of the bracket at $2.000

In case of the downside breakout of the support at $1.955, I see potential for the further drop towards $1.918.

RSI oscillator is showing reading below 40m, which is sign that sellers are in control.