FX.co ★ Analysis of Gold for November 13, 2023 - Potetnial for the further downside movement

Technical analysis:

Gold has been trading downside in the background as I expected and the price has reached the first downside objective at $1.933. There is no main change in trend behaivor so the further downside movement is in the play.

Due to the downside trend and the breakout of the triangle in the background, there is potential for the further drop towards next downside reference.

Next downside objective is set at $1.912

RSI oscillator is showing reading below the 50 level, which is sign that downside trend is in the place.

Key resistance is set at the price of $1.965