FX.co ★ Analysis of Gold for March 14,.2023 - Extreme bullish condiiton, potential for the downside movement

Technical analysis:

Gold has been trading upside but I found extreme bullish condition (overbought) around Fibonacci 61.8% at $1.900.

Due to the extreme bullish condition and Fibonacci 61.8% on the test, I see potential for the downside movement today.

Downside objective is set at the price of $1.807

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

Confirmation for the downside will be if the price can trade below $1.900

Key resistance is set at the price of $1.915