FX.co ★ Analysis of Gold for September 25, 2023 - Potential for the further drop

Technical analysis:

Gold has been trading downside as I expected. The market rejected of the key resistance cluster at $1.929 and there is potential for the further drop.

Due to the short-term downside trend and the rejection of the key resistance in the background, I see potential for the further drop towards lower references.

Downside objectives are set at the price of $1.913 and $1.901

Stochastic oscillator is showing fresh hidden bearish divergence, which is good sign for the further downside movement.

Key resistance is set at the price of $1.929