FX.co - Analysis of Gold for October 13, 2023 - First upside objective has been reached, potential for the further rally

2023-10-13T09:07:49

Relevance until2023-10-14

Technical analysis:

Analysis of Gold for October 13, 2023 - First upside objective has been reached, potential for the further rally

Gold has been trading upside as I expected and the price has reached the first upside objective at $1.883 but I see potential for the further growth.

Due to the strong upside momentum and the bullish trend in the background, I see potential for the further growth towards next upside reference.

Upside objective is set at the price of $1.900

RSI oscillator is showing positive reversals, which is good sign for the further upside movement.

Key support is set at the price of $1.867

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

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for October 13, 2023 - First upside objective has been reached, potential for the further rally