FX.co ★ Analysis of Gold for March 09,.2023 - Potential for the further drop towards lower reference

Technical analysis:

Gold has been trading in the sideways range at the price of $1.813 but in the downside trending condition, which is a sign for potential downside continuation.

Due to the strong downside pressure in the background and rejection of Fibonacci confluence, I see potential for the further drop.

Downside objective is set at the price of $1.770

MACD oscillator is still showing downside reading, which is sign that sellers are in control.

Key resistance is set at the price of $1.857