FX.co ★ Analysis of Gold for September 28, 2023 - Potential for the further drop

Technical analysis:

Gold has been trading downside in the background as I expected and the price reached downside objective at $1.884 but I see potential for the further drop.

Due to the strong downside momentum and the bear trend , I see potetnial for the further drop towards lower references.

Next downside objective is set at the price of $1.860

RSI Oscillator is showing downside trend and hidden bearish divergence, which is good sign for the further downside movement.

Intraday resistance is set at the price of $1.877