FX.co - Analysis of Gold for February 16,.2023 - Potential for the the drop towards lower references

2023-02-16T08:08:33

Relevance until2023-02-17

Technical analysis:

Analysis of Gold for February 16,.2023 - Potential for the the drop towards lower references

Gold has been trading sideways at the price of $1.840. I still see potential for the downside continuation.

Trading recommendation:

Due to the strong downside momentum in the background and the downside cycle, I see potential for the further drop towards lower references.

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

Stochastic is showing fresh downside cross, which is sign that there is potential for the downside movement.

Key resistance zone is set at the price of $1.850

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for February 16,.2023 - Potential for the the drop towards lower references