Analysis of Gold for July 25, 2023 – Rejection of the supply trendline and potential for the further downside movement
July 25, 2023 1:23 pm
Technical analysis:
Gold has been trading downside as I expected and there is still chance for the lower prices and potential for the downside reference to be on the test.
Due to the downside momentum and the breakout of rising trendline in the background, I see potential for the further drop towards lower references.
Downside objective is set at the price of $1.945
Stochastic oscillator is showing downside reading, which is good sign for the further downside movement.
Key resistance is set at the price of $1.966
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading downside
as I expected and there is still chance for the lower prices and
potential for the downside reference to be on the test.
Due
to the downside momentum and the breakout of rising trendline in the
background, I see potential for the further drop towards lower
references.
Downside
objective is set at the price of $1.945
Stochastic
oscillator is showing downside
reading, which is good sign for the further downside movement.
Key
resistance is set at the price of $1.966
The material has been provided by InstaForex Company – www.instaforex.com
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