Analysis of Gold for August 22, 2023 – Rejection of the resistance and potential for the further downside rotation
August 22, 2023 9:24 am
Technical analysis:
Gold has been trading upside this morning but I found rejection of the key resistance at the price of $1.900, which is good sign for the potential downside rotation.
Due to the rejection of the key resistance zone in the background and the overbought condition on the oscillator, I see potential for the further downside movement.
Downside objectives are set at the price of 1.0880 and 1.0850
Stochastic oscillator is showing overbought condition and potential for the downside rotation.
Key resistance is set at the price of $1.900
The material has been provided by InstaForex Company – www.instaforex.com
Technical analysis:
Gold has been trading upside this morning but I found rejection of the key resistance at the price of $1.900, which is good sign for the potential downside rotation.
Due to the rejection of the key resistance zone in the background and the overbought condition on the oscillator, I see potential for the further downside movement.
Downside objectives are set at the price of 1.0880 and 1.0850
Stochastic oscillator is showing overbought condition and potential for the downside rotation.
Key resistance is set at the price of $1.900
The material has been provided by InstaForex Company – www.instaforex.com
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