Analysis of Gold for August 11, 2023 – Sellers in control
August 11, 2023 9:23 am
Technical analysis:
Gold has been trading upside this morning but I found that market is still in the downside channel mode with no evidence for the any
Due to the downside channel in place and the weak demand this morning, I see potential for the further downside movement after completion fof the upside correction.
Downside objective is set at the price of $1.911
Stochastic oscillator is showing upside reading, which is sign that Gold is still in the upside correction phase.
Key resistance is set at the price of $1.920
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading upside
this morning but I found that market is still in the downside channel
mode with no evidence for the any
Due
to the downside channel in place and the weak demand this morning, I
see potential for the further downside movement after completion fof
the upside correction.
Downside
objective is set at the price of $1.911
Stochastic
oscillator is showing upside
reading, which is sign that Gold is still in the upside correction
phase.
Key
resistance is set at the price of $1.920
The material has been provided by InstaForex Company – www.instaforex.com
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