FX.co - Analysis of Gold for December 13, 2023 - Potential for the further downside continuation

2023-12-13T09:04:32

Relevance until2023-12-14

Technical analysis:

Analysis of Gold for December 13, 2023 - Potential for the further downside continuation

Gold has been trading downside in the background and I found potential for the further downside continuation to the to the selling pressure.

Due to the selling pressure and the negative reversals on the RSI oscillator, I see potential for the further drop towards lower references.

Downside objectives are set at the price of $1.967 and $1.955

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

Resistance is set at the price $1.990

*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 December 13, 2023 - Potential for the further downside continuation