FX.co ★ Analysis of Gold for September 12, 2023 - Breakout of the support and potential for the drop

Technical analysis:

Gold has been trading downside this morning and I found breakout of the contraction and support at $1.920, which is good sign for the further downside movement.

Due to the short-term downside trend and the breakout of the intraday contraction and support, I see potential for the further drop towards downside references.

Downside objectives are set at the price of $1.915 and $1.904

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

Key intraday resistance is set at the price of $1.924