FX.co ★ Analysis of Gold for March 06,.2023 - Rejection of the Fibonacci resistance confluence

Technical analysis:

Gold has been trading upside in the background but I found test and rejection of the key Fibonacci confluence resistance zone at $1.860

Due to the longer term downside cycle and the rejection fo the key Fibonacci resistance in the background, I see potential for the further downside movement towards lower reference point.

Downside objective is set at the price of $1.805

Stochastic oscillator is showing fresh bear cross, which is first sign for the potential downside movement.

Key resistance is set at $1.860