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Daily GOLD Forecast – 9.11.2023

The recent price action aligns seamlessly with my prior analysis. It successfully reached the designated target level. In the gold market, a new lower low was established, surpassing the previous weekly lows. I speculate that the market could experience an upward movement for a pullback, given the evident weakening of the bearish impulse. The support zone, spanning from 1935 to 1937, holds significant strength, causing a deceleration in price movement. There's a likelihood that it might exert further downward pressure on the price if the market rejects it. Meanwhile, if the price executes a pullback and simulates a breakout above the resistance and downward trendline, the market might undergo a test of the support level. My target is set on the support at approximately 1936.70.