Analysis of Gold for July 27, 2023 - Potential for the further drop and end of the upside correction

Technical analysis:

Gold has been trading upside today but I found potential completion of the correction, which is good sign for the further downside movement.

Due to the drop in the background and weak rally that is active, I see potential for the downside continuation towards lower references.

Downside objectives are set at the price of $1.943 and $1.937

MACD oscillator is showing weak buying power, which is another sign for the further downside continuation.

Resistance is set at the price of $1.965-$1.960