FX.co ★ Analysis of Gold for June 22, 2023 - Re-break of the triangle pattern to the downside

Technical analysis:

Gold has been trading downside as I expected and I found re-break of the symmetrical triangle pattern in the background, which is good sign for the further downside movement.

Due to the breakout of the upside channel and tight triangle in the background, I see potential for the further drop towards lower references.

Downside objectives are set at the price of $1.861 and $1.819

MACD oscillator is showing increasing in the downside momentum, which is good confirmation for the further downside movement.

Key resistance is set at the price of $1.967