FX.co ★ Analysis of Gold for September 05, 2023 - Support level on the test and potential for the breakout

Technical analysis:

Gold has been trading in the sideways range at the price of $1.937 but I see potential for the breakout mode to the downside in next period.

In case of the downside breakout of the support at $1.934 and hold below, I see further drop towards $1.925 and $1.918..

Stochastic oscillator is showing oversold condition but lack of buying power for the bull cross, which si good sign for the potential downside movement.

Key resistance is set at the price of $1.950