Technical Analysis of Daily Price Movement of Gold Commodity Asset, Tuesday May 23, 2023.Selasa 23 Mei 2023.
May 23, 2023 4:22 am
On the daily chart of gold commodity asset It can be seen that this commodity asset is being pressured down where sellers are currently more dominant. The several things that confirm the weakening of this commodity asset are:
1. Price movement which moves inside Pitchfork channel that dives down.
2. Price movement which moves below its EMA 10.
3. The appearance of Bearish 123 follow by Bearish Ross Hook.
4. The presence of deviations between price movements and the Stochastic Oscillator indicator.
Based on these four things, within the next few days Gold commodity assets have the potential to depreciate to the level of 1951.48 and if this level is successfully broken below it, Gold has the potential to continue its decline to the level of 1913.57 or the Lower Line of the bearish Pitchfork channel but unfortunately all downside scenarios it can become invalid and cancel by itself if there is a sudden upward correction movement which exceeds the level of 2016.55.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
On the daily chart of gold commodity asset It can be seen that this commodity asset is being pressured down where sellers are currently more dominant. The several things that confirm the weakening of this commodity asset are:
1. Price movement which moves inside Pitchfork channel that dives down.
2. Price movement which moves below its EMA 10.
3. The appearance of Bearish 123 follow by Bearish Ross Hook.
4. The presence of deviations between price movements and the Stochastic Oscillator indicator.
Based on these four things, within the next few days Gold commodity assets have the potential to depreciate to the level of 1951.48 and if this level is successfully broken below it, Gold has the potential to continue its decline to the level of 1913.57 or the Lower Line of the bearish Pitchfork channel but unfortunately all downside scenarios it can become invalid and cancel by itself if there is a sudden upward correction movement which exceeds the level of 2016.55.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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