Analysis of Gold for October 04, 2023 – Potential for the further drop
October 4, 2023 9:25 am
Technical analysis:
Gold has been trading sideways today ad the price of $1.822 but I still see that sellers are in control and short-term downside trend, which is good sign for the further downside movement.
Due to the strong downside condition and the unbroken resistance in the background, I see potential for the further drop towards lower reference.
Downside objectives are set at the price of $1.809 and $1.800
RSI oscillator is showing downside reading with no evidence for the reversal.
Key intraday resistance is set at the price of $1.830
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading sideways
today ad the price of $1.822
but I still see that sellers are in control and short-term downside
trend, which is good sign for the further downside movement.
Due
to the strong downside condition and the unbroken resistance in the
background, I see potential for the further drop towards lower
reference.
Downside
objectives are set at the price of $1.809 and $1.800
RSI
oscillator is showing downside reading with no evidence for the
reversal.
Key
intraday resistance is set at the price of $1.830
The material has been provided by InstaForex Company – www.instaforex.com
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