FX.co ★ Analysis of Gold for June 15, 2023 - Breakout of the triangle pattern to the downside

Technical analysis:

Gold has been trading downside today and I found breakout of the tight triangle pattern to the downside, which is good sign for potential drop towards upside references.

Due to the strong downside momentum and the breakout of the tight triangle pattern in the background, I see potential for the further drop towards upside references.

Downside objective is set at the price of $1.810

MACD oscillator is showing downside reading and increase in the momentum, which is good sign for the further downside movement.

Resistance is set at the price of $1.970