Analysis of Gold for October 06, 2023 – Potential for the further drop
October 6, 2023 9:23 am
Technical analysis:
Gold has been trading sideways at the price of $1.821 and I see potential for the further downside continuation towards lower reference.
Due to the strong downside trend in the background and negative reversals on the RSI oscillator, I see potential for the further downside movement towards lower reference.
Downside objective is set at the price of $1.800
RSI oscillator is showing fresh hidden bearish divergence, which is good sign for the further downside movement.
Key resistance is set at the price $1.835
The material has been provided by InstaForex Company – www.instaforex.com
Technical analysis:
Gold has been trading sideways at the price of $1.821 and I see potential for the further downside continuation towards lower reference.
Due to the strong downside trend in the background and negative reversals on the RSI oscillator, I see potential for the further downside movement towards lower reference.
Downside objective is set at the price of $1.800
RSI oscillator is showing fresh hidden bearish divergence, which is good sign for the further downside movement.
Key resistance is set at the price $1.835
The material has been provided by InstaForex Company – www.instaforex.com
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