Daily Technical Analysis: October 30, 2023 - Gold Price Prepares for Correction

Here is the daily technical analysis for October 30, 2023. The data and analysis in this bulletin can be widely applied to your trading. However, please note that GICTrade and the data providers are not responsible for your trading outcomes.

Therefore, it is your own responsibility. Before reviewing today's technical analysis, be sure to register for GIC Big Deals, offering exclusive benefits and exciting rewards. This event runs for a limited time, from July 10 - December 31, 2023.

Below, we will provide forecasted price movements in Forex and Commodities, complete with Pivot point, Resistance, and Support level calculations.

EURUSD



The EUR/USD pair in the 1-hour period is attempting to move further down, touching the support level at 1.05330 and heading towards the next support level at 1.05020. The downward trend is also reflected in the template, where the potential percentage for a decline is higher compared to the percentage for an increase. Meanwhile, the bearish bias is supported by a sell signal indicated by the purple arrow.

Suggest: Sell 1.05330 TP1 1.05020 TP2 1.04710 SL 1.05640

GBPUSD



The GBP/USD pair in the 1-hour period is attempting to move upward, touching the resistance level at 1.21270 and heading towards the next resistance level at 1.21500. The upward trend is also reflected in the template, where the potential percentage for an increase is higher compared to the percentage for a decline. Meanwhile, the bullish bias is supported by a buy signal indicated by the blue arrow.

Suggest: Buy 1.21270 TP1 1.21500 TP2 1.21840 SL 1.21000

AUDUSD



The AUD/USD pair in the 1-hour period is attempting to move upward, touching the resistance level at 0.63490 and heading towards the next resistance level at 0.63820. The upward trend is also reflected in the template, where the potential percentage for an increase is higher compared to the percentage for a decline. Meanwhile, the bullish bias is supported by a buy signal indicated by the blue arrow.

Suggest: Buy 0.63490 TP1 0.63820 TP2 0.63980 SL 0.63200

USDCHF



The USD/CHF pair in the 1-hour period is attempting to move further upward, touching the resistance level at 0.90320 and heading towards the next resistance level at 0.90640. The upward trend is also reflected in the template, where the potential percentage for an increase is higher compared to the percentage for a decline. Meanwhile, the bias appears bullish, supported by a buy signal indicated by the blue arrow.

Suggest: Buy 0.90320 TP1 0.90640 TP2 0.90950 SL 0.90010

USDJPY



The USD/JPY pair in the 1-hour period is attempting to move downward, touching the support level at 149.510 and heading towards the next support level at 149.000. The downward trend is also reflected in the template, where the potential percentage for a decline is higher compared to the percentage for an increase. Meanwhile, the bias appears bearish, supported by a sell signal indicated by the purple arrow.

Suggest: Sell 149.510 TP1 149.000 TP2 148.560 SL 149.950

XUL (LOCO LONDON GOLD)

The gold price in the 1-hour period is attempting to move downward, touching the support level at 1993.90 and heading towards the next support level at 1978.60. The trend is still in an upward phase as seen from the template, where the potential percentage for an increase is higher compared to the percentage for a decline. Meanwhile, the bias appears bearish, supported by a sell signal indicated by the purple arrow.

Suggest: Sell 2001.00 TP1 1996.00 TP2 1990.00 SL 2007.00

CLSK (OIL)



The oil price in the 1-hour period is attempting to move downward, needing to break through the support level at 83.48 before heading towards the next support level at 81.89. To change the bias to bullish, the oil price needs to surpass the resistance level at 84.67 and move towards the next resistance level at 86.26.

Suggest: Sell 84.00 TP1 83.48 TP2 83.00 SL 84.67