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FX.co ★ Analysis of Gold for March 07,.2023 - Rejection of the key resistance zone in the background

Analysis of Gold for March 07,.2023 - Rejection of the key resistance zone in the background

Technical analysis:

Analysis of Gold for March 07,.2023 - Rejection of the key resistance zone in the background

Gold has been trading sideways at the price of $1.848 but I saw the rejection of the Fibonacci resistance confluence at $1.860, which is good sign for the further downside movement.

Due to the rejection of the resistance zone and the downside cycle in the background, I see potential for the further drop.

Downside objective is set at the price of $1.810

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

Key resistance is set at the price of $1.860

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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