FX.co ★ Technical analysis on Gold for November 17th, 2023.

Blue line- resistance

Red line- support trend line

Gold price made a new high today at $1,992, but price has returned at yesterday's levels around $1,982 and close to the red upward sloping support trend line. Short-term trend remains bullish as price continues making higher highs and higher lows. Support by the red trend line is at $1,976. As long as price holds above this level, we expect Gold price to continue higher. The RSI has not entered overbought levels. Respecting $1,976 will lead to another try higher and maybe price will push towards $2,000 next. Bulls remain in full control of the short-term trend.