FX.co - Analysis of Gold for July 27, 2023 - Potential for the further drop and end of the upside correction

28 July 2023 at 2:51PM (UTC+0)

Relevance until29 July 2023 at 2:51PM (UTC+0)

Technical analysis:

Analysis of Gold for July 27, 2023 - Potential for the further drop and end of the upside correction

Gold has been trading upside today but I found potential completion of the correction, which is good sign for the further downside movement.

Due to the drop in the background and weak rally that is active, I see potential for the downside continuation towards lower references.

Downside objectives are set at the price of $1.943 and $1.937

MACD oscillator is showing weak buying power, which is another sign for the further downside continuation.

Resistance is set at the price of $1.965-$1.960

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for July 27, 2023 - Potential for the further drop and end of the upside correction