FX.co ★ Analysis of Gold for August 10, 2023 - Downside objective has been reached

Technical analysis:

Gold has been trading downside as I expected, the price has reached downside objective at $1.914 and it found support.

Due to the downside momentum with bug sign of the strength, there is still chance for the lower prices after the upisde correction towards the lower reference point.

Next downside objective is set at the price of $1.905

Stochastic oscillator is showing oversold condition and fresh bull cross, which may be a sign for the upside correction.

In case of the rejection of the support at $1.914, there is the chance for the rally towards $1.923