FX.co ★ Analysis of Gold for November 09, 2023 - Broken triangle pattern and sellers in control

Technical analysis:

Gold has been trading downside in the background and I found the breakout of the support level at $1.954, which is good confirmation for the further downside movement.

Due to the breakout of the support and the triangle pattern in the background, I see potential for the further downside movement towards lower reference.

Downside objectives are set at $1.931 and $1.912

RSI oscillator is showing reading below the 50, which is sign that downside trend is in the play.

Resistance level is set at $1.970