Gold Technical Analysis October 16, 2023
The Gold rose 3.16% against the USD on Friday and closed at 1930.10. Today in the European session, while the Gold technical Analysis October 16, 2023, is prepared at 5:15 GMT, the XAU/USD is trading at 1915.00, which is 0.71% lower than Yesterday’s close.
The Gold is expected to find support at 1909.00, and a fall-through could take it to the next support level of 1900.00. The pair is expected to find its first resistance at 1930.00, and a rise-through could take it to the next resistance level of 1946.00. Today’s expected trading range is between 1885.00 support and 1951.00 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 1909.00
Support 2: 1900.00
Support 3: 1885.00
Important resistance levels:
Resistance 1: 1930.00
Resistance 2: 1946.00
Resistance 3: 1951.00