FX.co ★ Technical analysis on Gold for November 28th, 2023.

Red lines- bullish channel

Gold price is trading around $2,020 to new short-term highs. Trend remains bullish as Gold is still inside the red upward sloping channel making higher highs and higher lows. Te RSI has just reached overbought levels with no sign of a bearish divergence. Bulls remain in full control of the short-term trend. Recent low at $2,011 is short-term support. At $2,007 we find the lower channel boundary providing support also. A pull back towards $2,005 is justified from current levels, but so far there is no sign of a bigger reversal to be expected.