FX.co ★ Analysis of Gold for March 13,.2023 - Potential for further drop towards lower references

Technical analysis:

Gold has been trading upside on Friday and I see that key Fibonacci resistance at $1.895-$1.900 held this morning, which is good sign for the potential downside rotation.

Due to the strong resistance on the test and the extreme bull condition, I see potential for the downside rotation towards lower reference.

Downside objective is set at the price of $1.808

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

Key resistance is set at the $1.895-$1.900