Analysis of Gold for November 02, 2023 – Resistance on the test
November 2, 2023 10:24 am
Technical analysis:
Gold has been trading upside in last 10 hours and I found rejection of the support at $1.970 in the background but the key resistance at $1.990 is on the test.
In case of the rejection of the resistance at $1.990, there is potential for the downside movement towards $1.970
In case of the breakout and hold about $1.991, there is the chance for the rally towards $2.007
RSI oscillator is showing reading around 60 but still indecision in terms of the trend range.
The material has been provided by InstaForex Company – www.instaforex.com
Technical analysis:
Gold has been trading upside in last 10 hours and I found rejection of the support at $1.970 in the background but the key resistance at $1.990 is on the test.
In case of the rejection of the resistance at $1.990, there is potential for the downside movement towards $1.970
In case of the breakout and hold about $1.991, there is the chance for the rally towards $2.007
RSI oscillator is showing reading around 60 but still indecision in terms of the trend range.
The material has been provided by InstaForex Company – www.instaforex.com
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