Analysis of Gold for August 24, 2023 – Potential for the downside rotation
August 24, 2023 9:25 am
Technical analysis:
Gold has been trading upside this morning but I found test and reject of the important resistance at $1.923, which is good sign for the downside rotation.
Due to the market extended condition in last 2 days and test-reject of the important resistance cluster, I see potential for the further downside movement towards lower reference.
Downside objective is set at the price of $1.914-$1.910
Stochastic oscillator is showing fresh downside cross and overbought condition, which is another good sign for the further downside movement.
Key resistance is set at the price of $1.923
The material has been provided by InstaForex Company – www.instaforex.com
Technical analysis:
Gold has been trading upside this morning but I found test and reject of the important resistance at $1.923, which is good sign for the downside rotation.
Due to the market extended condition in last 2 days and test-reject of the important resistance cluster, I see potential for the further downside movement towards lower reference.
Downside objective is set at the price of $1.914-$1.910
Stochastic oscillator is showing fresh downside cross and overbought condition, which is another good sign for the further downside movement.
Key resistance is set at the price of $1.923
The material has been provided by InstaForex Company – www.instaforex.com
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