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31.10.202309:16 Forex Analysis & Reviews: Gold: new bullish formation

The price of gold retreated a little in the short term but the bias remains bullish. You already know from yesterday's analysis that XAU/USD could test and retest the immediate support levels before resuming its growth. After its strong rally, a retreat was natural.

Fundamentally, the BOJ left its monetary policy unchanged in the October meeting as expected. Later, the US Employment Cost Index may report a 1.0% growth, CB Consumer Confidence could drop from 103.0 to 100.5, while Chicago PMI is expected at 45.4 points above 44.1 in the previous reporting period.

XAU/USD Above Strong Support!

Exchange Rates 31.10.2023 analysis

From the technical point of view, XAU/USD developed a minor down channel (flag formation). This could represent an upside continuation pattern.

You knew from yesterday's analysis that the bias remains bullish as long as it stays above the uptrend line and above 1,987.

XAU/USD Outlook!

A valid breakout above the minor downtrend line (flag's resistance) confirms that the retreat is over and that the buyers could take it higher again. This is seen as a buying opportunity.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Ralph Shedler,
Analytical expert of InstaSpot
© 2007-2025
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