FX.co ★ Analysis of Gold for June 29, 2023 - Potentia lfor the further downside movement

Technical analysis:

Gold has been trading downside yesterday and I found breakout of the triangle pattern in the background, which is good sign for the further downside movement.

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

Downside objectives are set at the price of $1.861 and $1.812

MACD oscillator is showing strong downside reading, which is good confirmation for the further downside movement.

Short-term resistance is set at the price of $1.925