Analysis of Gold for August 08, 2023 – Potential for the further drop
August 8, 2023 7:24 am
Technical analysis:
Gold has been trading sideways at the price of $1.934 and I found rejection of the resistance at $1.943 in the background, which is good sign for the further downside movement.
Due to series of lower lows and lower highs and rejection of the resistance at $1.943, I see potential for the further drop towards lower reference.
Downside objective is set at the price of $1.915
Stochastic oscillator is showing fresh bear cross, which is another good sign for the further lower prices.
Intraday 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
sideways
at the price of $1.934
and I found rejection
of the resistance at $1.943 in the background, which is good sign for
the further downside movement.
Due
to series of lower lows and lower highs and rejection of the
resistance at $1.943, I see potential for the further drop towards
lower reference.
Downside
objective is set at the price of $1.915
Stochastic
oscillator is showing fresh bear cross, which is another good sign
for the further lower prices.
Intraday resistance is set at the price of $1.943
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: