Gold Technical Analysis on Daily Timeframe: 07/10/2023

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Release: 2 years ago

Political and security tensions between China and Japan have once again reached a peak. Recent remarks by Sanae Takaichi regarding Japan’s potential response to a Chinese attack on Taiwan have ignited a new wave of disputes—tensions that neither Donald Trump’s repeated calls with Xi Jinping and Takaichi nor diplomatic outreach have been able to contain. In this article, we take an analytical look at the dimensions of the crisis and its possible consequences.

Short-term fluctuations currently indicate an upward trend in gold’s movement on the daily timeframe.

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If the bullish pressures persist, a breakthrough of the range in 1925 could signify an ascent toward the resistance level in 1985. Should this level be surpassed, traders’ attention will turn to the 2000 level.

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On the other hand, bearish actions could drive the price towards the recent three-month low at 1893. If this support level is broken, traders’ focus could shift to the March 1857 resistance level, close to the 200-day Simple Moving Average (SMA). Crossing that range could pave the way for the lowest level, 1804 in 2023.

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