FX.co ★ Analysis of Gold for September 07, 2023 - First objective has been reached, potential for the further drop

Technical analysis:

Gold has been trading downside in the background and the market reached my first objective at $1.914. Anyway, there is the chance for the downside continuation due to the bear flag pattern in creation.

Due to the short-term downside trend and bear flag pattern in creation, I see potential for the further drop towards lower references.

Downside objective is set at the price of $1.905

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

Key resistance is set at the price of $1.920