FX.co ★ Analysis of Gold for June 20, 2023 - Potential for the downside movement

Technical analysis:

Gold has been trading in the sideways range at the price of $1.950 but I see potential for the downside movement towards support of the trading range.

Due to the weak demand after the mark up phase from lat week and rejection of the supply trend line, I see potential for the downside movement towards lower references.

Downside objectives are set at the price of $1.930 and $1.894

MACD oscillator is showing neutral reading with no defined momentum.

Key resistance is set at the price of $1.970 and $1.985