Analysis of Gold for March 06,.2023 – Rejection of the Fibonacci resistance confluence
March 6, 2023 9:23 am
Technical analysis:
Gold has been trading upside in the background but I found test and rejection of the key Fibonacci confluence resistance zone at $1.860
Due to the longer term downside cycle and the rejection fo the key Fibonacci resistance in the background, I see potential for the further downside movement towards lower reference point.
Downside objective is set at the price of $1.805
Stochastic oscillator is showing fresh bear cross, which is first sign for the potential downside movement.
Key resistance is set at $1.860
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading upside
in the background but I found test and rejection of the key Fibonacci
confluence resistance zone at $1.860
Due
to the longer
term downside cycle and the rejection fo the key Fibonacci resistance
in the background, I see potential for the further downside movement
towards lower reference point.
Downside
objective is set at the price of $1.805
Stochastic
oscillator is showing fresh bear cross, which is first sign for the
potential downside movement.
Key
resistance is
set at $1.860
The material has been provided by InstaForex Company – www.instaforex.com
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