Analysis of Gold for August 10, 2023 – Downside objective has been reached
August 10, 2023 7:26 am
Technical analysis:
Gold has been trading downside as I expected, the price has reached downside objective at $1.914 and it found support.
Due to the downside momentum with bug sign of the strength, there is still chance for the lower prices after the upisde correction towards the lower reference point.
Next downside objective is set at the price of $1.905
Stochastic oscillator is showing oversold condition and fresh bull cross, which may be a sign for the upside correction.
In case of the rejection of the support at $1.914, there is the chance for the rally towards $1.923
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading downside
as I expected, the price has reached downside objective at $1.914 and
it found support.
Due
to the downside momentum with bug sign of the strength, there is
still chance for the lower prices after the upisde correction towards
the lower reference point.
Next downside objective is set at the price of $1.905
Stochastic
oscillator is showing oversold condition and fresh bull cross, which may be a sign for the upside
correction.
In
case of the rejection of the support at $1.914, there is the chance
for the rally towards $1.923
The material has been provided by InstaForex Company – www.instaforex.com
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