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Daily GOLD Forecast – 10.11.2023

Following the breakout from the range zone, the gold market experienced a pullback. The price, post an impulsive movement, not only breached but also stabilized below the previously defined range zone. I anticipate the market might initiate an upward pullback, followed by a downward move to capture liquidity above the recent lower high (LH). The resistance zone, delineated between 1968 and 1970, serves as a boundary for the range. In the event of the market exhibiting signs of diminished momentum or rejection at this resistance, I envision a potential downward move, possibly testing the primary support. My objective is aimed at the support level, situated approximately around 1937.