Gold analysis for 23.10.2023

The gold price chart exhibits signs of a bullish momentum in the recent past but shows potential signs of consolidation or a slight pullback. The price is currently trading above both the Bollinger Bands’ middle line (SMA) and the upper band, indicating a strong uptrend. The previous bullish trend is further reinforced by the series of green candles leading to the current price point. However, in the recent candles, we can observe some selling pressure with the formation of small red candles, suggesting a potential short-term pullback or consolidation. The RSI (not visible but assuming based on the bullish trend) might be in the overbought territory, which could indicate a potential cooling off or slight retracement.

• There is a resistance level at 1975.650, with subsequent resistances possibly at 2000.000 and 2020.000 based on psychological levels.
• There is a support level at 1925.153. If price breaches this level, further supports might be found at 1900.000 and 1880.000.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.

October 23, 2023

Gold analysis for 23.10.2023

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