FX.co - Analysis of Gold for September 06, 2023 - Downside continuation in the play

2023-09-06T07:29:47

Relevance until2023-09-07

Technical analysis:

Analysis of Gold for September 06, 2023 - Downside continuation in the play

Gold has been trading downside this morning and I found potential for the further drop towards the next downside reference.

Due to the short-term downside trend and breakout of the consolidation area, I see potential for the further drop towards lower reference point.

Downside objective is set at the price of $1.914

MACD oscillator is showing fresh downside momentum, which is good sign for the further downside movement.

Key resistance is set at the price of $1.927

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for September 06, 2023 - Downside continuation in the play