FX.co ★ Analysis of Gold for December 06, 2023 - Rejection of the resistance and potential for the further drop

Technical analysis:

Gold has been trading upside this morning but I found rejection of the key resistance at the price of $2.035 and potential for the further downside continuation.

Due the big reversal in the background and the negative reversal on the RSI oscillator, I see potential for the further drop towards lower references.

Downside objectives are set at the price of $2.010 and $1.989

RSI oscillator is showing negative reversals, which is sign for the further downside movement.

Key resistance is set at the price of $2.035