FX.co ★ Analysis of Gold for August 11, 2023 - Sellers in control

Technical analysis:

Gold has been trading upside this morning but I found that market is still in the downside channel mode with no evidence for the any

Due to the downside channel in place and the weak demand this morning, I see potential for the further downside movement after completion fof the upside correction.

Downside objective is set at the price of $1.911

Stochastic oscillator is showing upside reading, which is sign that Gold is still in the upside correction phase.

Key resistance is set at the price of $1.920