FX.co - Analysis of Gold for October 19, 2023 - Rejection fo the top of the channel, potential for the downside correction

2023-10-19T08:03:30

Relevance until2023-10-20

Technical analysis

Analysis of Gold for October 19, 2023 - Rejection fo the top of the channel, potential for the downside correction

Gold has been trading sideways at the price of $1.946 and I see potential exhaustion to the upside and potential for the downside correction.

Due to the extension to the upside and testing top of the upside channel, I see potential for the downside rotation towards lower reference.

Downside objective is set at the price of $1.931

RSI oscillator is showing upside condition

In case of the breakout of swing high and hold above $1.960, there is the chance for the higher prices towards $1.970.

*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 19, 2023 - Rejection fo the top of the channel, potential for the downside correction