FX.co ★ Analysis of Gold for April 05, 2023 - Extreme intraday condiiton

Technical analysis:

Gold has been trading upside in the background but I found the buying climax after yesterday's event. There is the chance for the downside rotation.

Due to the tight channel in creation, I see potential for the downside movement in case of the downside breakout of the channel.

Downside objective is set at the price of $2.005

MACD oscillator is showing bear divergence, which is another good sign for the further downside movement.

Key intraday resistance is set a the price of $2.025