XAUUSD Forex Analysis for Today, Tuesday (17-10-2023)

XAUUSD Consolidation, Watch Support and Resistance

XAUUSD Analysis – XAUUSD is going through a consolidation phase after a rally. Currently, the price is trapped in the support and resistance area.

Today’s Trading Strategy:

There is a buying opportunity for XAUUSD today if it breaks above the 1928.45 – 1932.77 area. The potential upside target is the range between 1945.96 and 1948.47.

Alternatives:

If there is a breakthrough below the support area of 1912.90 – 1904.12, it has the potential to push XAUUSD down to the range of 1892.80 – 1887.71.

Resistance Levels

R1: 1932.77
R2: 1948.47
R3: 1977.12

Support Levels

S1: 1904.12
S2: 1887.71
S3: 1866.51