Analysis of Gold for October 24, 2023 – Symmetrical triangle pattern in creation
October 24, 2023 9:23 am
Technical analysis:
Gold has been trading sideways at the price of $1.974 and I found that symmetrical triangle pattern is in creation and there is potential for the breakout mode.
In case of the upside breakout of the resistance at $1.980, there is the chance for the upside movement towards objective at $1.995
In case fo the downside breakout of the support zone at $1.960, there is the chance for the further drop towards the level $1.937
RSI oscillator is showing neutral reading around the 50 level, which is another confirmation fo the indecision on the hourly time-frame.
The material has been provided by InstaForex Company – www.instaforex.com
Technical analysis:
Gold has been trading sideways at the price of $1.974 and I found that symmetrical triangle pattern is in creation and there is potential for the breakout mode.
In case of the upside breakout of the resistance at $1.980, there is the chance for the upside movement towards objective at $1.995
In case fo the downside breakout of the support zone at $1.960, there is the chance for the further drop towards the level $1.937
RSI oscillator is showing neutral reading around the 50 level, which is another confirmation fo the indecision on the hourly time-frame.
The material has been provided by InstaForex Company – www.instaforex.com
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