TradePlus-Fx|GOLD: possible sell – Analytics & Forecasts – 10 October 2023

💬Description: Metals worked out their growth very well, we were especially interested in Gold, which reached the target at the level of 1870. At this moment, it is worth taking a closer look at the shorts from this area again. The local (medium-term) trend will remain bearish, which is also a plus for sell trades.

The economic calendar is not filled with news at the beginning of this week; accordingly, the pace of the market is again formed by a tense geopolitical background. Here, of course, metals are in demand along with the US dollar, but any hint of a pause in the conflict will pull the price down for these safe assets. We proceed more from the technical picture and volume formation. Here the metrics also point to sell. In the near future, in the indicated area of 1870, an entry point for selling is expected to be formed in order to test local maxims, and their update is possible (i.e. below 1809).

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