FX.co - Analysis of Gold for November 30, 2023 - Consolidation in progress and potential for the breakout

2023-11-30T08:34:54

Relevance until2023-12-01

Technical analysis:

Analysis of Gold for November 30, 2023 - Consolidation in progress and potential for the breakout

Gold has been trading sideways at the price of $2.042 and I found consolidation in progress and potential for the breakout mode.

In case of the downside breakout of the support at $2.034, there is the chance for the downside movement towards $2.016

In case of the upside breakout of the resistance at $2.051, there is the chance for the rally towards $2.065

RSI oscillator is flat around 50 level, which is sign of the indecision

*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 30, 2023 - Consolidation in progress and potential for the breakout