Analysis of Gold for August 02, 2023 – First downside objective has been reached, potential for the further downside movement
August 2, 2023 6:25 pm
Technical analysis:
Gold has been trading downside as I expected and the price has reached first downside objective at $1.935
Due to the strong downside momentum and no major sign of the strength, I see potential for the further downside movement towards lower reference. The good confirmation will be if the market can hold below $1.935.
Downside objective is set at the price of $1.915
Stochastic oscillator is showing fresh downside cross, which is another good sign for the further downside movement.
Key resistance is set at the price of $1.985
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has
been trading downside
as I expected and the price has reached first downside objective at
$1.935
Due
to the strong downside momentum and no major sign of the strength, I
see potential for the further downside movement towards lower
reference. The good confirmation will be if the market can hold below
$1.935.
Downside
objective is set at the price of $1.915
Stochastic
oscillator is showing fresh downside cross, which is another good
sign for the further downside movement.
Key
resistance is set at the price of $1.985
The material has been provided by InstaForex Company – www.instaforex.com
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