FX.co ★ Analysis of Gold for September 11, 2023 - Rejection of the key resistance

Technical analysis:

Gold has been trading upside this morning but I found rejection of the resistance zone at the price of $1.930, whch is good sign for the potential downside rotation.

Due to the rejection of the key resistance and the short-term downside trend, I see potential for the further downside movement towards downside reference.

Downside objective is set at the price of $1.916

MACD oscillator is showing decreasing in the upside momentum, which is good sign for the downside movement.

In case of the breakout of the resistance at $1.930, there is the chance for the rally towards $1.934