FX.co ★ Analysis of Gold for August 03, 2023 - Potential for teh further drop

Technical analysis:

Gold has been trading sideways at the price of $1.936 and there is the chance for the further downside movement.

Due to the breakout of the support level at $1.941 and no major sign of strength, I see potential for the further drop towards lower reference.

Downside objective is set at the price of $1.915

Stochastic oscillator is showing downside reading with no major sign for the upside rotation.

Intraday resistance is set at the price of $1.943