XAUUSD Outlook (26 October 2022)
Gold bounces from the 1620 support level as its price forms a double bottom.
Similar to what happened on 28th September, the price bounced from the 1620 support to test the 1660 resistance level, and retraced briefly before breaking higher again.
Looking at the current price movement, Gold could climb to test the 1660 resistance level again. And if the price breaks the resistance level, the price could climb higher toward the next resistance of 1690, which is at the 61.80% Fibonacci retracement level.
Similar to what happened on 28th September, the price bounced from the 1620 support to test the 1660 resistance level, and retraced briefly before breaking higher again.
Looking at the current price movement, Gold could climb to test the 1660 resistance level again. And if the price breaks the resistance level, the price could climb higher toward the next resistance of 1690, which is at the 61.80% Fibonacci retracement level.
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