GOLD price achieves the target

13 нояб. 2023 г.

hello everyone, The price of gold was able to touch our expected target at 1933.30, which represents the 38.2% Fibonacci retracement level of the rise that was measured from 1810.33 to 2009.30, and is under continuous negative pressure formed by the moving average 50, in addition to being affected by the previously completed double top pattern, which supports the chances of surpassing the level. The current price is to open the way for a further downward correction, the next target of which reaches 1909.80.


Therefore, we expect to witness additional negative trading during the coming sessions, keeping in mind that failure to break 1933.30 will lead the price to attempt to build an upward wave, mainly targeting testing the 1962.35 level.

Pivot Price: 1933
Resistance prices: 1953 & 1962 & 1976
Support prices: 1925 & 1911 & 1897

The general trend expected for today: bearish