FX.co - Analysis of Gold for March 08,.2023 - First downside target reached at $1.808, potential for the further downside movement

2023-03-08T07:21:49

Relevance until2023-03-09

Technical analysis:

Analysis of Gold for March 08,.2023 - First downside target reached at $1.808, potential for the further downside movement

Gold has been trading downside as I expected. The price reached first downside objective at $1.808 with strong momentum.

Due to the strong downside momentum in the background I see potential for the further downside continuation after the correction.

Next downside objective is set at the price of $1.770

Stochastic and MACD oscillators-are showing downside reading with no evidence for the change in trend behavior.

Key resistance is set at the price of $1.855

*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 March 08,.2023 - First downside target reached at $1.808, potential for the further downside movement