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Daily GOLD Forecast – 17.10.2023

The gold market exhibited an upward surge driven by bullish forces, leading to the establishment of a price range. The price is currently consolidating within this range after breaking through a significant level and the initial upward thrust. I anticipate that should the price retrace towards the support zone at 1900-1902, we may witness the continuation of the bullish trend. On the 4-hour timeframe, the price encountered resistance and rebounded. My target is set on the resistance zone, which is situated around 1941.