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Daily GOLD Forecast – 26.10.2023

The recent price movement aligns perfectly with my previous analysis. It verified the projected area. The price established a range zone or a triangle pattern before breaking out of it. Currently, the market is consolidating after a strong upward movement and channel breakout. A potential retracement may occur, serving as a correction against the prevailing trend. I anticipate that gold will revisit its recent highs. If the price fails to surpass these highs, I foresee the formation of a double top at the resistance level. Nevertheless, the market exhibits momentum, so there's a possibility that the price could ascend and challenge the resistance zone between 2005 and 2007. My objective is to target the resistance area, approximately around 2001.420.