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24.10.202316:31 Forex Analysis & Reviews: Technical analysis on Gold for October 24th, 2023.

Exchange Rates 24.10.2023 analysis

Blue lines- Fibonacci retracement levels

Black line- bearish RSI divergence

Gold price is trading around $1,964. Gold made a new lower low earlier today around $1,953 where we find the 23.6% Fibonacci retracement of the entire upward move from $1,809. Short-term trend remains bullish despite the recent pull back. This can just be a pause to the entire upward wave. However if Gold breaks below today's lows, the chances for a deeper corrective pull back will increase. Recently the RSI provided a bearish divergence signal as we mentioned in our previous post. This is not a reversal signal but only a warning. Price has started making lower lows and lower highs. Short-term resistance is found at $1,982. As long as price is below this level, Gold will remain vulnerable to more downside. A break above this level will open the way for new higher highs towards $2,000.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

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