FX.co ★ Analysis of Gold for November 14, 2023 - Test of the key resistance cluster

Technical analysis:

Gold has been trading sideways at the price of $1.945 but I see test of the key resistance zone around $1.950.

Due to the breakout of the key support zone and potential re-test of the resistance, I see potential for the further downside movement towards lower reference.

Downside objective is set at the price of $1.914

RSI oscillator is showing reading below 50 level and bearish reversal, which is good sign for the further downside movement.

Key resistance is set at the price of $1.955-$1.970