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01.11.202315:46 Forex Analysis & Reviews: Technical analysis on Gold for November 1st, 2023.

Exchange Rates 01.11.2023 analysis

Yellow line- bearish RSI divergence

Blue lines- Fibonacci retracement levels

Gold price is trading around $1,983. Short-term trend remains bullish as price continues making higher lows and higher highs. Price is still trading above the key short-term support by the 23.6% Fibonacci retracement. A break below the 23.6% Fibonacci retracement combined with the bearish RSI divergence, will be a strong bearish reversal signal for the near term. We continue to believe that the upside potential is limited and that Gold has higher chances of pulling back towards $1,930 than continuing higher. So far no reversal confirmation. We prefer to be neutral if not bearish at current levels. A pull back is justified and expected.

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Alexandros Yfantis,
Analytical expert of InstaSpot
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