FX.co - Analysis of Gold for February 28,.2023 - Potential for the further downside continuation

2023-02-28T09:30:41

Relevance until2023-03-01

Technical analysis:

Analysis of Gold for February 28,.2023 - Potential for the further downside continuation

Gold has been trading downside as I expected and the price has reached first downside objective from yesterday at $1.806.

Anyway due to another rejection and downside movement this morning, I see potential for the further drop after the upside correction.

Fibonacci downside objectives are set at $1.800 and $1.790

MACD oscillator is showing downside reading, which is sign that sellers are in control.

Price is trading displaced moving averages, which is another sign that sellers are in control.

Key intraday resistance is set at $1.817-$1.820

*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 28,.2023 - Potential for the further downside continuation