FX.co ★ Analysis of Gold for August 21, 2023 - Sellers in control

Technical analysis:

Gold has been trading in the sideways range at the price of $1.887 but in the downside trending condition, which is a sign for potential downside continuation.

Due to the series of the lower highs and lower lows and in the downside channel, I see potential for the further drop towards the next lower reference.

Downside objective is set at the price of $1.860

Stochastic oscillator is showing lower reading, which no clear evidence for the further upside rotation.

Intraday resistance is set at the price of $1.903