Analysis of Gold for September 07, 2023 – First objective has been reached, potential for the further drop
September 7, 2023 8:26 am
Technical analysis:
Gold has been trading downside in the background and the market reached my first objective at $1.914. Anyway, there is the chance for the downside continuation due to the bear flag pattern in creation.
Due to the short-term downside trend and bear flag pattern in creation, I see potential for the further drop towards lower references.
Downside objective is set at the price of $1.905
MACD oscillator is showing fresh downside momentum, which is another good sign for the further drop.
Key resistance is set at the price of $1.920
The material has been provided by InstaForex Company – www.instaforex.com
Technical analysis:
Gold has been trading downside in the background and the market reached my first objective at $1.914. Anyway, there is the chance for the downside continuation due to the bear flag pattern in creation.
Due to the short-term downside trend and bear flag pattern in creation, I see potential for the further drop towards lower references.
Downside objective is set at the price of $1.905
MACD oscillator is showing fresh downside momentum, which is another good sign for the further drop.
Key resistance is set at the price of $1.920
The material has been provided by InstaForex Company – www.instaforex.com
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