01.03.202309:40 Forex Analysis & Reviews: Analysis of Gold for March 01,.2023 - Rejection of the Fibonacci node

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical analysis:

Gold has been trading upside this morning and I found the rejection of the Fibonacci confluence at $1.837, which is good sign for the further downside movement.

Due to the bearish divergence on the momentum oscillators and rejection of the Fibonacci resistance, I see potential for the downside movement towards lower references.

Downside structural objective is set at $1.820

Stochastic and MACD oscillators are showing fresh downside cross, which is another good sign for the further downside movement.

Key resistance is set at the price of $1.837

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.