Analysis of Gold for March 01,.2023 – Rejection of the Fibonacci node
March 1, 2023 8:23 am
Technical analysis:
Gold has been trading upside this morning and I found the rejection of the Fibonacci confluence at $1.837, which is good sign for the further downside movement.
Due to the bearish divergence on the momentum oscillators and rejection of the Fibonacci resistance, I see potential for the downside movement towards lower references.
Downside structural objective is set at $1.820
Stochastic and MACD oscillators are showing fresh downside cross, which is another good sign for the further downside movement.
Key resistance is set at the price of $1.837
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading upside
this morning and I found the rejection of the Fibonacci confluence at
$1.837, which is good sign for the further downside movement.
Due
to the bearish
divergence on the momentum oscillators and rejection of the Fibonacci
resistance, I see potential for the downside movement towards lower
references.
Downside
structural objective is set at $1.820
Stochastic
and
MACD oscillators
are
showing
fresh downside cross, which is another good sign for the further
downside movement.
Key
resistance is set at the price of $1.837
The material has been provided by InstaForex Company – www.instaforex.com
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