FX.co ★ Analysis of Gold for June 28, 2023 - Strong downside momentum

Technical analysis:

Gold has been trading downside as I expected and the price is heading towards main downside objective at $1.860. I still see potential for the further drop.

Due to the breakout of the tight triangle and re-break few days ago, I see potential for the further downside momentum towards lower reference.

Downside objective is set at the price of $1.860

MACD oscillator is showing strong downside momentum, which is good confirmation for the further drop.

Key resistance is set at the price of $1.970