FX.co ★ Analysis of Gold for February 15,.2023 - First downside objective has been reached, potential for further drop

Technical analysis:

Gold has been trading downside as I expected and the price has reached the first downside objective at the price of $1.830. Anyway, I see potential for further downside movement due to the strong downside momentum.

Trading recommendation:

Due to the strong downside pressure in the background and breakout of the bear flag pattern, I see potential for the further drop towards lower references.

Watch for the potential selling opportunities on the rallies with the next downside objectives at $1.793 and $1.738

Stochastic oscillator is showing downside reading, which is sign that sellers are in control.

Key resistance is set at $1.870