FX.co ★ Analysis of Gold for August 02, 2023 - First downside objective has been reached, potential for the further downside movement

Technical analysis:

Gold has been trading downside as I expected and the price has reached first downside objective at $1.935

Due to the strong downside momentum and no major sign of the strength, I see potential for the further downside movement towards lower reference. The good confirmation will be if the market can hold below $1.935.

Downside objective is set at the price of $1.915

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

Key resistance is set at the price of $1.985