FX.co ★ Analysis of Gold for February 22,.2023 - Potential for the test of the lower reference

Technical analysis:

Gold has been trading in the sideways range at the price of $1.834 but in the downside trending condition, which is a sign for potential downside continuation.

Due to the rejection of the resistance zone at $1.845 I see potential for the downside rotation towards swing low reference.

Downside objective is set at the price of $1.822

MACD oscillator is showing fresh downside cross, which is another good sign for the further downside movement.

Key resistance is set at the price of $1.845