FX.co ★ Analysis of Gold for August 01, 2023 - Strong downside momentum today and potential for the further drop

Technical analysis:

Gold has been trading downside this morning and I found that sellers are in control and that there is strong downside momentum.

Due to the strong downside momentum and lower highs and lower lows in the background, I see potetnial for the further drop towards lower references.

Downside objectives are set at $1.944 and $1.935

Stochastic oscillator is showing overbought condition and fresh downside cross, which is another good sign for the further downside movement.

Key resistance is set at the price of $1.982