FX.co ★ Analysis of Gold for February 20,.2023 - Rejection of the key resistance zone

Technical analysis:

Gold has been trading upside this morning but I found rejection fo the key resistance zone at $1.845, which is good sign for the further downside movement.

Due to the rejection of the key resistance zone and downside trend in the background, I see potential for the further drop.

Downside structural objectives are set at $1.832 and $1.820

Stochastic oscillator is showing overbought condition and fresh bear cross, which is sign that downside rotation might be in the play.

Key resistance zone is set at $1.847-$1.850