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Technical analysis of GOLD 11/23/2022

Gold on the (1D) chart is in an upward correction. During the correction, the price found resistance at 1786.40 (38.2% Fibo) and is currently consolidating around 1735.00.

The technical picture involves working out the formed “double bottom” pattern. The target for working out the pattern is around the level of 1838.00 (50% Fibo).

Also in favor of the development of an upward correction is the convergence on the RSI indicator.

A signal to cancel the development of an upward correction will be a decrease in quotes below the low of 1616.00, which will indicate a continuation of the downtrend.

Created by Joshua Hayn

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