FX.co ★ Analysis of Gold for September 26, 2023 - Potential for the further drop

Technical analysis:

Gold has been trading downside as I expected and the price has reached first objective at $1.913. Anyway, sellers are in control and I see potential for the further downside movement.

Due to the rejection of the resistance in the background and breakout of the support, I see potential for the further drop towards next downside reference.

Downside objective is set at the price of $1.900

RSI oscillator is showing downside trend condition, which is good sign for the further downside movement.

Intraday resistance is set at the price of $1.913