FX.co ★ Analysis of Gold for March 02,.2023 - Potential for the further downside movement

Technical analysis:

Gold has been trading downside this morning and I found the rejection of the Fibonacci confluence at the price of $1.845.

Due to the rejection of the Fibonacci confluence in the background and the fresh crosses on the MACD and Stochastic, I see potential for the further downside movement towards lower references.

Downside objectives are set at $1.805 and $1.780

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 $1.845