FX.co ★ Analysis of Gold for September 21, 2023 - Breakout of the support and potential for the further drop

Technical analysis:

Gold has been trading downside as I expected and I found fake breakout of the resistance in the background and breakout of the rising channel, which is good sign for the further drop.

Due to the breakout of the rising channel and the short-term downside trend, I see potential for the further drop towards lower references,.

Downside objectives are set at the price of $1.908 and $1.901

RSI oscillator had bearish divergences in the background, which is good sign for the further downside movement.

Key intraday resistance is set at the price of $1.930