Analysis of Gold for August 07, 2023 – Rejection of the resistance and potential for the further downside movemetn
August 7, 2023 1:22 pm
Technical analysis:
Gold has been trading downside today and I found rejection of the key resistance cluster at the price of $1.943, which is good sign for the further downside movement.
Due to the rejection of the resistance cluster and the oversold condition on oscillator, I see potential for the further drop towards lower references.
Downside objectives are set at the price of $1.926 and $1.915
Stochastic oscillator is showing fresh downside cross and overbought condition , which is another good sign for the further downside movement.
Key resistance is set at the price of $1.943
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading downside
today and I found rejection of the key resistance cluster at the
price of $1.943, which is good sign for the further downside
movement.
Due
to the rejection of the resistance cluster and the oversold condition
on oscillator, I see potential for the further drop towards lower
references.
Downside
objectives
are set at the price of $1.926 and $1.915
Stochastic
oscillator is showing fresh downside cross and
overbought condition ,
which is another good sign for the further downside movement.
Key
resistance is set at the price of $1.943
The material has been provided by InstaForex Company – www.instaforex.com