Analysis of Gold for October 17, 2023 – Symmertrical triangle pattern in creation and potential for the further breakout
October 17, 2023 9:25 am
Technical analysis:
Gold has been trading sideways at the price of $1.918 and I found symmetrical triangle pattern in creation, which is a good sign for potential breakout mode in the next period.
In case of the breakout of resistance at $1.922, I see potential for the further rally towards upside reference at $.932
In case of the breakout of support at $1.912, I see potential for the further drop towards lower references at $1.900 and $1.890
The short-term trend is upside and RSI is in the upside condition.
The material has been provided by InstaForex Company – www.instaforex.com
Technical analysis:
Gold has been trading sideways at the price of $1.918 and I found symmetrical triangle pattern in creation, which is a good sign for potential breakout mode in the next period.
In case of the breakout of resistance at $1.922, I see potential for the further rally towards upside reference at $.932
In case of the breakout of support at $1.912, I see potential for the further drop towards lower references at $1.900 and $1.890
The short-term trend is upside and RSI is in the upside condition.
The material has been provided by InstaForex Company – www.instaforex.com
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