FX.co - Analysis of Gold for February 17,.2023 - Breakout of the bear flag pattern and potential for the further drop

17 February 2023 at 8:26AM (UTC+0)

Relevance until18 February 2023 at 8:26AM (UTC+0)

Technical analysis:

Analysis of Gold for February 17,.2023 - Breakout of the bear flag pattern and potential for the further drop

Gold has been trading has been trading downside as I expected.and the Gold hs heading towards the second downside structural objective.

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

Downside structural objectives are set at $1.793 and $1.738

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

Key resistance is set at $1.845

*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 17,.2023 - Breakout of the bear flag pattern and potential for the further drop