Analysis of Gold for September 12, 2023 – Breakout of the support and potential for the drop
September 12, 2023 8:25 am
Technical analysis:
Gold has been trading downside this morning and I found breakout of the contraction and support at $1.920, which is good sign for the further downside movement.
Due to the short-term downside trend and the breakout of the intraday contraction and support, I see potential for the further drop towards downside references.
Downside objectives are set at the price of $1.915 and $1.904
MACD oscillator is showing fresh downside momentum, which is good sign for the further downside movement.
Key intraday resistance is set at the price of $1.924
The material has been provided by InstaForex Company – www.instaforex.com
Technical analysis:
Gold has been trading downside this morning and I found breakout of the contraction and support at $1.920, which is good sign for the further downside movement.
Due to the short-term downside trend and the breakout of the intraday contraction and support, I see potential for the further drop towards downside references.
Downside objectives are set at the price of $1.915 and $1.904
MACD oscillator is showing fresh downside momentum, which is good sign for the further downside movement.
Key intraday resistance is set at the price of $1.924
The material has been provided by InstaForex Company – www.instaforex.com
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