FX.co ★ Analysis of Gold for August 18, 2023 - Potential for the further downside movement

Technical analysis:

Gold has been trading sideways at the price of $1.892 but I still see that Gold is in the downside channel with no evidence for the reversal.

Due to the well established downside trend and the lack for buyers at $1.894, I see potential for the further drop towards lower reference.

Downside objective is set at the price of $1.885

Stochastic oscillator is showing overbought condition with potential for bearish cross.

Resistance is set at the price of $1.894