FX.co ★ Technical analysis on Gold for August 9th, 2023.

black lines- wedge pattern

blue lines- Fibonacci retracement levels

Gold price remains under pressure. Price continues making lower lows and lower highs. Price is now trading around $1,922 inside a downward sloping wedge pattern. Resistance by the wedge pattern is found at $1,930 and support is at $1,918. Price is also trading below the key Fibonacci support at the 61.8% retracement. As long as price remains below $1,930 we expect price to continue lower towards the 78.6% Fibonacci retracement around $1,910. Today's low was very close to that level. This is not the time to open new short positions. There are increased chances of a strong bounce once price breaks above $1,930.