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Daily GOLD Forecast – 3.11.2023

The market initially resisted higher price levels, followed by a subsequent retreat. The price experienced a breach and subsequent stabilization below the support level of 1997, which exerted downward pressure on the price. It is my belief that the market might be in the process of forming a head and shoulders pattern. The resistance zone in the range of 1995-1997 has consistently acted as a barrier to price increases in the past. Therefore, if the price approaches this resistance zone after an upward move, there is a considerable likelihood of another downward price movement. I anticipate that the market will persist in a ranging pattern. My objective is set at the prior support level, located at 1975.750.