Gold Price Opening Range in Focus amid RSI Sell Signal

31 ต.ค. 2023

The opening range for November is in focus for the price of gold as it snaps the series of higher highs and lows form last week, while the Relative Strength Index (RSI) falls below 70 to indicate a textbook sell-signal.

Gold Price Outlook

The near-term breakout in the price of gold trades appears to have stalled ahead of $2018 (61.8% Fibonacci retracement) as the RSI no longer reflects an overbought reading.

A break/close below the $1973 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension) region raise the scope for a move towards $1937 (38.2% Fibonacci extension), with the next area of interest coming in around the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) area.

Nevertheless, the price of gold may attempt to further retrace the decline from the May high ($2082) as it no longer trades within the descending channel from earlier this year but need a break/close above $2018 (61.8% Fibonacci extension) to open up the $2076 (78.6% Fibonacci extension) area.