FX.co - Analysis of Gold for October 02 , 2023

2023-10-02T08:47:10

Relevance until2023-10-03

Technical analysis:

Analysis of Gold for October 02 , 2023 - Strong downside pressure

Gold has been trading downside as I expected and I see potetnial for the further drop towards next downside reference.

Due to the strong downside cycle and no signs for the reversal, I see potential for the further drop towards lower reference.

Downside objective is set at the price of $1.808

RSI oscillator is showing downside trend and no signs for the reversal, which is good sign for the further drop.

Key resistance is set at the price of $1.883

*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 October 02 , 2023 - Strong downside pressure