FX.co ★ Technical analysis on Gold for November 22nd, 2023.

Red lines- bullish channel

Gold price is trading around $2,000. Short-term trend remains bullish as price continues making higher highs and higher lows. Gold price continues to trade inside the red upward sloping channel since the $1,920 low. Price is challenging the October highs. Short-term support by the lower cloud boundary is found at $1,983. As long as we trade above this level we expect Gold price to continue higher. A pull back towards the $1,980 level is justified and highly probable for the coming trading sessions. If Gold price breaks below $1,994, this will be the first sign of weakness and will increase chances for a move towards $1,980 support.