FX.co - Analysis of Gold for November 21, 2023 - Re-test of the support and potential for the further rally

2023-11-21T09:09:24

Relevance until2023-11-22

Technical analysis:

Analysis of Gold for November 21, 2023 - Re-test of the support and potential for the further rally

Gold has been trading upside in the background and I found breakout of the resistance at $1.985, which is good sign for the further upside movement.

Due to the short-term upside trend and potential for re-test of the support, I see potential for teh higher prices towards next upside reference.

Upside objective is set at $2.000

RSI oscillator is showing reading above 50 level and there is the upside trend condition, which is good sign for the further rally.

Support level is set at $1.985

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for November 21, 2023 - Re-test of the support and potential for the further rally