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Technical analysis

29.09.202310:06 Forex Analysis & Reviews: Analysis of Gold for September 29, 2023 - Resistance on the test

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Technical analysis:

Exchange Rates 29.09.2023 analysis

Gold has been trading upside this morning but I found that intraday resistance at the price of $1.872-$1.875 is on the test.

Due to the strong downside trend in the background and morning rally, I see potential for the further drop towards lower reference.

Downside objective is set at the price of $1.858

RSI oscillator is showing negative reversal, which is good sign for the further drop

Intraday resistance area is set at $1.872-$1.875

Petar Jacimovic
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