FX.co - Analysis of Gold for November 24, 2023 - Symmetrical triangle in creation, potential for the breakout

2023-11-24T16:24:20

Relevance until2023-11-25

Technical analysis:

Analysis of Gold for November 24, 2023 - Symmetrical triangle in creation, potential for the breakout

Gold has been trading sideways at the price of $1.998 and I see potential for the breakout mode due to consolidation in creation.

In case of the upside breakout of the resistance at $2.006, I see potential for the further growth towards the level of $2.020

In case of the breakout of the support at $1.985, I see potential for the drop towards $1.970

RSI oscillator is showing upside range structure, which gives more odds for the upside breakout.

*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 24, 2023 - Symmetrical triangle in creation, potential for the breakout