Analysis of Gold for April 06, 2023 – Potential for further downside movement

Technical
analysis:

Gold has
been
trading downside as
I expected and
the price has reached first downside objective at $2.007. I still see
potential for further downside movement.

Due
to the breakout of the mini upside channel in the background and weak
reaction fo the support, I see potential for the further drop towards
lower reference.

Downside
objective
is set a the price of $1.990

Key
intraday
resistance is set at the price of $2.030

The material has been provided by InstaForex Company – www.instaforex.com