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06.11.2023 06:04 PM
Technical analysis on Gold for November 6th, 2023.
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Blue lines- Fibonacci retracement levels

Gold price is trading around $1,982. Price has started the week on a negative note. Over the last few trading sessions price is showing a slowing down of the bullish momentum and signs of a possible short-term top and reversal. So far no reversal has been confirmed. With the RSI turning lower from overbought levels, Gold price justifies a pull back at least towards the 38% Fibonacci retracement level. Gold price remains vulnerable to a pull back towards $1,930. Nevertheless there is no confirmation of a reversal. Bulls remain in control of the trend.

Alexandros Yfantis,
Analytical expert of InstaTrade
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