FX.co ★ Technical analysis on Gold for November 16th, 2023.

Red line -support trend line

Blue line- resistance

Gold price is trading around $1,982. Short-term trend remains bullish as price continues making higher highs and higher lows. Price is so far respecting the red upward sloping support trend line as it approaches the resistance at $1,995. The RSI is making also new highs and has still not reached overbought levels. There is still upside potential. We might see Gold pull back towards the red support trend line at $1,967-70. As long as we trade above this red trend line, bulls remain in full control of the near term trend. So far there is no sign of a weakening up trend or a reversal.