Daily Technical Analysis: October 20, 2023 – Gold Prices Soar Again

Here is the daily technical analysis for October 20, 2023. The data and analysis in this bulletin can be widely used for your trading. However, it is important to note that GICTrade and the data providers are not responsible for your trading outcomes.

Therefore, the responsibility lies with you. Before reviewing today's technical analysis, be sure to register for GIC Big Deals, which offers exclusive benefits and various exciting prizes. This event runs for a limited time, from July 10 to December 31, 2023.

Below, we will provide forecasts for price movements in Forex and commodities, along with calculations for pivot points, resistance, and support levels.


EURUSD



EUR/USD on the 1-hour timeframe is attempting to move down, reaching the support level at 1.05130 and heading toward the next support level at 1.04760. The downward trend is also evident from the FXBot template, where the EUR figure is lower at 5.0 compared to the USD figure of 7.2. Additionally, the bearish bias is supported by the sell signal indicated by the red arrow.

Suggest: Sell 1.05130 TP1 1.04900 TP2 1.04760 SL 1.05450

GBPUSD

GBP/USD on the 1-hour timeframe is attempting to move down, reaching the support level at 1.20900 and heading toward the next support level at 1.20380. The downward trend is also evident from the FXBot template, where the GBP figure is lower at 1.5 compared to the USD figure of 6.7. Additionally, the bearish bias is supported by the sell signal indicated by the red arrow.

Suggest: Buy 1.21000 TP1 1.21400 TP2 1.21650 SL 1.20800

AUDUSD

AUD/USD on the 1-hour timeframe is attempting to move down, reaching the support level at 0.62990 and heading toward the next support level at 0.62660. The downward trend is also supported by the FXBot template, where the AUD figure is lower at 0.0 compared to the USD figure of 7.7. Additionally, the bearish bias is supported by the sell signal indicated by the red arrow.

Suggest: Buy 0.62900 TP1 0.63270 TP2 0.63600 SL 0.62660

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
0.63342	0.63546	0.62939	0.63263	0.63342	-0.00079	-0.12%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
0.64210	0.63880	0.63600	0.63270	0.62990	0.62660	0.62390

 

USDCHF

The daily technical analysis for the USD/CHF pair on the 1-hour timeframe indicates an upward movement, reaching the resistance level at 0.89510 and heading toward the next resistance level at 0.89950. The upward trend is also evident from the FXBot template, where the CHF figure is lower at 3.0 compared to the USD figure of 7.0. Additionally, the bullish bias is supported by the buy signal indicated by the green arrow.

Suggest: Sell 0.89510 TP1 0.89300 TP2 0.89020 SL 0.89750

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
0.89861	0.89997	0.89068	0.89126	0.89880	-0.00754	-0.83%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
0.90880	0.90440	0.89950	0.89510	0.89020	0.88580	0.88090

 

USDJPY

USD/JPY on the 1-hour timeframe is attempting to move up, reaching the resistance level at 150.110 and heading toward the next resistance level at 150.280. The upward trend is also supported by the FXBot template, where the JPY figure is lower at 4.8 compared to the USD figure of 6.8. Additionally, the bullish bias is supported by the buy signal indicated by the green arrow.

Suggest: Sell 150.110 TP1 149.90 TP2 149.700 SL 150.350

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
149.907	149.942	149.649	149.771	149.907	-0.136	-0.09%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
150.280	150.110	149.990	149.820	149.700	149.530	149.410

 

XUL (LOCO LONDON GOLD)

The price of gold on the 1-hour timeframe is attempting to move up, reaching the resistance level at 1993.30 and heading toward the next resistance level at 2009.00. For a bearish bias to emerge, the price of gold would need to break below the support level at 1960.80 and move toward the next support level at 1944.00.

Suggest: Sell 1979.00 TP1 1975.00 TP2 1970.00 SL 1983.00

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
1947.30	1977.56	1945.09	1973.06	1949.12	23.94	1.23%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
2009.00	1993.30	1976.50	1960.80	1944.00	1928.30	1911.60

 

CLSK (OIL)

The daily technical analysis for oil prices on the 1-hour timeframe indicates a downward movement, needing to break below the support level at 88.13 to reach the next support level at 86.74. For a further bullish bias, oil prices would need to surpass the resistance level at 90.80 and move toward the next resistance level at 92.19.

Suggest: Sell 88.50 TP1 88.00 TP2 87.50 SL 89.00

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
87.20	89.52	85.46	89.40	88.17	1.23	1.40%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
94.86	92.19	90.80	88.13	86.74	84.07	82.68

That concludes the explanation on "Daily Technical Analysis: October 20, 2023 – Gold Reaches New Highs." Also, check out our other articles, such as the guide on how to buy cryptocurrency, exclusively on Jurnal GIC. Don't forget to enhance your trading skills by getting the Ebook Scalping guide and participating in NFP Live Trading sessions. Be sure to download the GIC Mobile Apps from the Google Play Store.