FX.co ★ Analysis of Gold for August 17, 2023 - Potential for the downside continuation

Technical analysis:

Gold has been trading upside this morning and I found potential for the end of the upside correction and start of the downside continuation.

Due to the downside condition in the background and potential extreme upside reading this morning, I see potential for the further drop

Downside objectives are set at the price of $1.892 and $1.889

Stochastic oscillator is showing fresh bear cross and oversold condition, which is good sign for the further downside movement.

Resistance level is set at the price of 1.0885