Gold price rises almost vertically and activates buy signals - will the increase reach a record high?

Gold price rises almost vertically and activates buy signals - will the increase reach a record high?

Gold daily outlook for Monday, October 23, 2023: Gold prices have risen sharply in recent days, activating a number of buy signals. This ended the correction phase since the all-time high. The question arises as to whether the rise to the record high is now imminent.

According to a report by stock3.com, gold prices could continue to rise after the current rise. The current price is $1,973.98 per ounce. The next resistances are at $1,985, $1,998, and $2,040, while supports are at $1,959, $1,940, and $1,920.

Analysis shows that gold prices started an explosive rally last week after reaching crucial support at $1,807. As a result, buy signals were generated and the price rose above the previous supports at $1,884 and $1,892. There were no major breaks and the price also rose above $1,959, ending the correction phase since the all-time high. The bulls were only slowed down somewhat at the hurdle of $1,998.

The chart technical outlook suggests that the current small countermovement could end at the $1,959 mark and a second breakout attempt above $1,998 will be launched. This jump is expected to succeed and drive gold prices to $2,040. After that, the all-time high awaits at $2,076.

If gold prices fall below $1,959, this could briefly extend the correction phase. However, bulls are expected to intervene at the $1,940 support and trigger a fresh buying impulse towards $2,040. Only if the $1,920 mark is broken would this be considered bearish.

Overall, the analysis suggests that gold prices could continue to rise and potentially reach the all-time high. The resistance and support levels mentioned can serve as clues for further developments.

Source:

According to a report by stock3.com, As reported by stock3.com.