FX.co - Analysis of Gold for February 23,.2023 - Potential for the downside continuation

2023-02-23T09:00:24

Relevance until2023-02-24

Technical analysis:

Analysis of Gold for February 23,.2023 - Potential for the downside continuation

Gold has been trading downside this morning and I see potential for the downside continuation of the downside trend in the background.

Due to the rejection of the Fibonacci Retracement 38.2% and the downside cross, I see potential for the further drop towards lower references.

Downside structural objectives are set at $1.819, $1.811 and $1.798

Stochastic and MACD oscillators are showing bear cross, which is good sign for the further downside movement.

Key resistance is set at the price of $1.833

*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 23,.2023 - Potential for the downside continuation