FX.co ★ Technical Analysis of Daily Price Movement of Gold Commodity Asset, Tuesday August 15 2023.

With the appearance of the Bearish 123 pattern followed by the penetration of the Bearish Ross Hook (RH) and the movement of gold commodity asset prices below WMA (2) which is in a downward channel and the CCI indicator which managed to break below three important levels (100, 0, -100 ) then in the next few days, based on the above facts, gold will decline down to the level of 1892.51. It is possible that an upward correction will occur to gain downward momentum again as long as the upward correction does not exceed the 1954.29 level because if this level is successfully penetrated upwards, then a downside scenario previously described has the potential to become invalid and cancel by itself.

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