FX.co ★ Short-term technical analysis on Gold for October 27th, 2022.

Red line - resistance

Blue line- short-term support

Green line- major support double bottom

Gold price is trading around $1,657 after reaching as high as $1,674 yesterday. Price has started forming higher highs and higher lows. Price remains inside the medium-term bearish channel. There is upside potential towards $1,700. Support by the blue upward sloping trend line is found at $1,655. A break below this level would be a sign of weakness. The recent higher low at $1,637 is the most important short-term support. Resistance is found at $1,675 and next at $1,700. Short-term momentum is bullish as long as the blue trend line holds. Medium-term momentum is bearish as price is still below $1,700.