FX.co ★ Analysis of Gold for November 10, 2023 - Potetnial for the further downside movement

Technical analysis:

Gold has been trading downside in the background and there is the breakout of the important support level, which is good sign for the further downside movement.

Due to the breakout of the support and weak reaction from buyers, I see potential for the further drop towards lower references.

Downside objectives are set at the price of 1.931 and $1.910

RSI oscillator is showing negative divergence and reading below 50 level, which is good sign for the further downside movement.

Key resistance is sset at the price of $1.965