FX.co ★ Analysis of Gold for August 24, 2023 - Potential for the downside rotation

Technical analysis:

Gold has been trading upside this morning but I found test and reject of the important resistance at $1.923, which is good sign for the downside rotation.

Due to the market extended condition in last 2 days and test-reject of the important resistance cluster, I see potential for the further downside movement towards lower reference.

Downside objective is set at the price of $1.914-$1.910

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

Key resistance is set at the price of $1.923