Technical analysis on Gold for October 12th, 2023.
October 12, 2023 12:21 pm
Red lines- bearish channel
Blue lines- Fibonacci retracement levels
Gold price is trading above $1,880 and continues making higher highs and higher lows in the near term. Price remains inside the medium-term downward sloping red channel. Price as expected by our previous posts, is bouncing higher towards the upper channel boundary around $1,900 Thus far Gold price has retraced more than 50% of our last decline. Next upside target is at the 61.8% Fibonacci retracement level at $1,895. Our view since the beginning of this reversal was that Gold should reach the upper channel boundary around $1,900. So we continue to believe there is still some upside potential for Gold price.
The material has been provided by InstaForex Company – www.instaforex.com
Red lines- bearish channel
Blue lines- Fibonacci retracement levels
Gold price is trading above $1,880 and continues making higher highs and higher lows in the near term. Price remains inside the medium-term downward sloping red channel. Price as expected by our previous posts, is bouncing higher towards the upper channel boundary around $1,900 Thus far Gold price has retraced more than 50% of our last decline. Next upside target is at the 61.8% Fibonacci retracement level at $1,895. Our view since the beginning of this reversal was that Gold should reach the upper channel boundary around $1,900. So we continue to believe there is still some upside potential for Gold price.
The material has been provided by InstaForex Company – www.instaforex.com
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