FX.co ★ Analysis of Gold for November 17, 2023 - Potential for the downside pullback

Technical analysis:

Gold has been trading upside this morning but I found lack of upside momentum for the upside continuation, which can be a good sign for the potential downside correction.

Due to the bearish divergence in momentum, there is potential for the intraday downside pullback towards lower references.

Downside objectives are set at the price of $1.979 and $1.975

RSI oscillator is showing bearish divergence in the the momentum, which is a good sign for the potential pullback.

Key resistance is set at the price $1.993