FX.co ★ Analysis of Gold for August 07, 2023 - Rejection of the resistance and potential for the further downside movemetn

Technical analysis:

Gold has been trading downside today and I found rejection of the key resistance cluster at the price of $1.943, which is good sign for the further downside movement.

Due to the rejection of the resistance cluster and the oversold condition on oscillator, I see potential for the further drop towards lower references.

Downside objectives are set at the price of $1.926 and $1.915

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

Key resistance is set at the price of $1.943