FX.co - Analysis of Gold for December 18, 2023 - Breakout of the triangle pattern to the downside

2023-12-18T08:20:34

Relevance until2023-12-19

Technical analysis:

Analysis of Gold for December 18, 2023 - Breakout of the triangle pattern to the downside

Gold has been trading downside in the background and I found breakout of the triangle pattern, which is good sign for the further downside movement.

Due to the breakout of the triangle pattern and rejection of the resistance at $2.045, I see potential for the further drop towards lower reference.

Downside objective is set at the price of $1.996

RSI oscillator is showing reading below the 50 level, which is sign that downside pressure is present.

Key intraday resistance is set at the price of $2.027

*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 18, 2023 - Breakout of the triangle pattern to the downside