01.11.202315:46 Forex Analysis & Reviews: Technical analysis on Gold for November 1st, 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Yellow line- bearish RSI divergence

Blue lines- Fibonacci retracement levels

Gold price is trading around $1,983. Short-term trend remains bullish as price continues making higher lows and higher highs. Price is still trading above the key short-term support by the 23.6% Fibonacci retracement. A break below the 23.6% Fibonacci retracement combined with the bearish RSI divergence, will be a strong bearish reversal signal for the near term. We continue to believe that the upside potential is limited and that Gold has higher chances of pulling back towards $1,930 than continuing higher. So far no reversal confirmation. We prefer to be neutral if not bearish at current levels. A pull back is justified and expected.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.