FX.co ★ Technical analysis on Gold for August 15th, 2023.

Blue lines- Fibonacci retracement levels

Black lines- downward sloping wedge pattern

Gold price is making new lower lows. Trend remains bearish as price is making lower lows and lower highs. Price has now broken below the 78.6% Fibonacci retracement support level and is heading towards the $1,892 June lows. Price remains inside the downward sloping wedge pattern. Resistance is now found at $1,912. A break above this level would be a first sign of a short-term trend reversal and the start of a bounce. Until then, bears remain in control of the trend.