FX.co ★ Analysis of Gold for September 19, 2023 - Potential for the further downside movement

Technical analysis:

Gold has been trading upside in the background but I found potential bear wedge pattern in creation, which is sign for the potentia downside movement.

Due to the potential bearish wedge pattern and the divergence in the momentum, I see potential for the further downside movement towrads lower reference.

Downside objective is set at the price of $1.922

RSI oscillator is showing bearish divergence, which is good sign for the potential downside movement.

Key resistance is set at the price of $1.935