FX.co ★ Analysis of Gold for August 23, 2023 - Breakout of the downside channel

Technical analysis:

Gold has been trading upside this morning and I see test of the important resistance level at $1.904.

In case of the breakout of the resistance to the upside and hold above, there is the chance for higher price and test of $1.910-$1.920

In case of the rejection of the resistance, I see potential for the further downside rotation towards $1.890

Additionally, I found breakout of the downside channel, which is good sign for the upside scenario..