FX.co - Analysis of Gold for November 29, 2023 - Potential for the downside correction due to the upside extension

2023-11-29T09:14:11

Relevance until2023-11-30

Technical analysis:

Analysis of Gold for November 29, 2023 - Potential for the downside correction due to the upside extension

Gold has been trading upside in the background but I found potential extensions and the chance for the downside correction.

Due to the upside extension and RSI reading around 81 level, there is the chance for the downside correction towards lower references.

Downside objectives are set at the price of $2.028 and $2.011

RSI oscillator is extreme reading and upside extension around 80 level, which is sign for the possible downside correction.

Key resistance is set at the price of $2.050

*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 29, 2023 - Potential for the downside correction due to the upside extension