FX.co - Analysis of Gold for September 29, 2023

2023-09-29T08:06:53

Relevance until2023-09-30

Technical analysis:

Analysis of Gold for September 29, 2023 - Resistance on the test

Gold has been trading upside this morning but I found that intraday resistance at the price of $1.872-$1.875 is on the test.

Due to the strong downside trend in the background and morning rally, I see potential for the further drop towards lower reference.

Downside objective is set at the price of $1.858

RSI oscillator is showing negative reversal, which is good sign for the further drop

Intraday resistance area is set at $1.872-$1.875

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for September 29, 2023 - Resistance on the test