FX.co ★ Analysis of Gold for August 09, 2023 - Potential for the further downside movement

Technical analysis:

Gold has been trading upside this morning and I found test of the intraday resistance at the price of $1.934, which can be a good zone for the further downside continuation.

Due to the strong impulsive downside move in the background and downside breakout of the pin-bar low, I see potential for the further downside movement towards lower references.

Downside objectives are set at the price of $1.914 and $1.905

Stocahstic oscillator is showing oversold condition with fresh bullish cross..

Resistance level is set at $1.941