FX.co ★ Analysis of Gold for December 04, 2023 - Strong reaction from sellers and buying climax in the background

Technical analysis:

Gold has been trading upside into the Asia session but then we had big responsive selling after the buying climax around $2.140 and the selling pressure is now present.

Due to the strong reaction from the sellers in the background and the downside pressure on high volume, I see potential for the further drop towards lower references.

Downside objectives are set at the price of $2.045, $2.035 and $2.020

RSI oscillator is showing reading around 50, which is sign of the indecision.

Key resistance zone is set around $2.020-$2.040