Analysis of Gold for August 09, 2023 – Potential for the further downside movement
August 9, 2023 9:22 am
Technical analysis:
Gold has been trading upside this morning and I found test of the intraday resistance at the price of $1.934, which can be a good zone for the further downside continuation.
Due to the strong impulsive downside move in the background and downside breakout of the pin-bar low, I see potential for the further downside movement towards lower references.
Downside objectives are set at the price of $1.914 and $1.905
Stocahstic oscillator is showing oversold condition with fresh bullish cross..
Resistance level is set at $1.941
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading upside
this morning and I found test of the intraday resistance at the price
of $1.934, which can be a good zone for the further downside
continuation.
Due
to the strong impulsive downside move in the background and downside
breakout of the pin-bar low, I see potential for the further downside
movement towards lower references.
Downside
objectives are set at the price of $1.914 and $1.905
Stocahstic
oscillator is showing oversold condition with fresh bullish cross..
Resistance
level is set at $1.941
The material has been provided by InstaForex Company – www.instaforex.com
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