Analysis of Gold for October 30, 2023 – Re-test of the previous swing highs
October 30, 2023 9:23 am
Technical analysis:
Gold has been trading downside this morning and I found that market is re-testing previous resistance level at $1.993. If market can’t reject of the previous swigns highs, it is the sign for the further weakness.
In case of the rejection of the area at $1.993, there is the chance for the re-test of the swing high at 2.0007.
In case of the downside breakout $1.979 and hold below, there is the chance for the further drop towards the $1.959 and $1.953
RSI oscillator is showing neutral reading around 50 market, which is sign of the indecision.
The material has been provided by InstaForex Company – www.instaforex.com
Technical analysis:
Gold has been trading downside this morning and I found that market is re-testing previous resistance level at $1.993. If market can’t reject of the previous swigns highs, it is the sign for the further weakness.
In case of the rejection of the area at $1.993, there is the chance for the re-test of the swing high at 2.0007.
In case of the downside breakout $1.979 and hold below, there is the chance for the further drop towards the $1.959 and $1.953
RSI oscillator is showing neutral reading around 50 market, which is sign of the indecision.
The material has been provided by InstaForex Company – www.instaforex.com
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