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Gold Price Breakout, New Highs and Resistance Levels | Commodities

Published: 18.10.2023
by Joseph Jeffriess

Today’s focus: Gold

Pattern – Breakout/resistance test
Support – 1817.90 – 1918
Resistance – 1944 – 1981

Hi, and thanks for checking out today’s update. Today, we are looking at the Gold on the daily chart.

So, the price has moved rather quickly today to the upside. Earlier, I was watching the consolidation and wondering if buyers might test it. Well, they not only tested it but broke out. We have reviewed this move and the next resistance levels in today’s update.

The key here is influences, and we will keep seeing demand. If tensions continue, we could see 1980/81 retested based on the current buying speed. But also be wary of any changes in influences as it could lead to fast profit taking.

Oil has been another mover today, adding close to 1.5%. It’s also a market we are keeping an eye on as we track towards the European session open.

Good trading.

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