Technical analysis on Gold for October 18th, 2023.
October 18, 2023 2:23 pm
Red lines- bearish channel
Gold price is breaking out of the bearish channel it was in since the May top. Price is trading around $1,948 as it continues making higher highs and higher lows. The RSI has still not reached overbought levels. Gold price has broken above the high from September 20th. This price action increases the chances that Gold has formed a major low at $1,809. Once this upward move is complete, Gold price will make a pull back. This will be the opportunity to open new long positions with stops placed at $1,809. Gold bulls need to see a pull back and price form a higher low.
The material has been provided by InstaForex Company – www.instaforex.com
Red lines- bearish channel
Gold price is breaking out of the bearish channel it was in since the May top. Price is trading around $1,948 as it continues making higher highs and higher lows. The RSI has still not reached overbought levels. Gold price has broken above the high from September 20th. This price action increases the chances that Gold has formed a major low at $1,809. Once this upward move is complete, Gold price will make a pull back. This will be the opportunity to open new long positions with stops placed at $1,809. Gold bulls need to see a pull back and price form a higher low.
The material has been provided by InstaForex Company – www.instaforex.com
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