Analysis of Gold for August 21, 2023 – Sellers in control
August 21, 2023 9:27 am
Technical analysis:
Gold has been trading in the sideways range at the price of $1.887 but in the downside trending condition, which is a sign for potential downside continuation.
Due to the series of the lower highs and lower lows and in the downside channel, I see potential for the further drop towards the next lower reference.
Downside objective is set at the price of $1.860
Stochastic oscillator is showing lower reading, which no clear evidence for the further upside rotation.
Intraday resistance is set at the price of $1.903
The material has been provided by InstaForex Company – www.instaforex.com
Technical analysis:
Gold has been trading in the sideways range at the price of $1.887 but in the downside trending condition, which is a sign for potential downside continuation.
Due to the series of the lower highs and lower lows and in the downside channel, I see potential for the further drop towards the next lower reference.
Downside objective is set at the price of $1.860
Stochastic oscillator is showing lower reading, which no clear evidence for the further upside rotation.
Intraday resistance is set at the price of $1.903
The material has been provided by InstaForex Company – www.instaforex.com
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