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09.10.202315:18 Forex Analysis & Reviews: Technical analysis on Gold for October 9th, 2023.

Exchange Rates 09.10.2023 analysis

Red lines- medium-term bearish channel

Black lines- short-term bearish channel

Gold price is trading around $1,850. Last Friday Gold price finally broke out of the short-term black downward sloping channel it was in. Last Friday Gold chart provided a short-term reversal signal. In our previous posts we mentioned many times that it was about time to see a bounce in Gold price. Gold was oversold in the near term and a strong move higher was justified. The geopolitical tensions in Israel have influenced market participants by providing a gap up open earlier today for the start of the week. A gap close is very possible around the $1,834 level before continuing higher towards the upper red channel boundary resistance at $1,900. Support is found at $1,820-10 area. Failure to hold above this level will lead Gold price towards $1,790 and lower.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

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