Technical analysis
Gold has been trading sideways at the price of $1.946 and I see potential exhaustion to the upside and potential for the downside correction.
Due to the extension to the upside and testing top of the upside channel, I see potential for the downside rotation towards lower reference.
Downside objective is set at the price of $1.931
RSI oscillator is showing upside condition
In case of the breakout of swing high and hold above $1.960, there is the chance for the higher prices towards $1.970.
The material has been provided by InstaForex Company – www.instaforex.com
Technical analysis
Gold has been trading sideways at the price of $1.946 and I see potential exhaustion to the upside and potential for the downside correction.
Due to the extension to the upside and testing top of the upside channel, I see potential for the downside rotation towards lower reference.
Downside objective is set at the price of $1.931
RSI oscillator is showing upside condition
In case of the breakout of swing high and hold above $1.960, there is the chance for the higher prices towards $1.970.
The material has been provided by InstaForex Company – www.instaforex.com
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