FX.co - Analysis of Gold for September 14, 2023 - Breakout of the consolidation to the downside

2023-09-14T07:42:11

Relevance until2023-09-15

Technical analysis:

Analysis of Gold for September 14, 2023 - Breakout of the consolidation to the downside

Gold has been trading downside this morning and I found breakout of the triangle pattern, which is good sign for the further downside movement.

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

Downside objective is set at the price of $1.890

MACD oscillator is showing downside momentum and no signs of exhaustion.

Key resistance is set at the price of $1.915

*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 14, 2023 - Breakout of the consolidation to the downside