FX.co ★ Analysis of Gold for March 01,.2023 - Rejection of the Fibonacci node

Technical analysis:

Gold has been trading upside this morning and I found the rejection of the Fibonacci confluence at $1.837, which is good sign for the further downside movement.

Due to the bearish divergence on the momentum oscillators and rejection of the Fibonacci resistance, I see potential for the downside movement towards lower references.

Downside structural objective is set at $1.820

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

Key resistance is set at the price of $1.837