FX.co ★ Analysis of Gold for April 06, 2023 - Potential for further downside movement

Technical analysis:

Gold has been trading downside as I expected and the price has reached first downside objective at $2.007. I still see potential for further downside movement.

Due to the breakout of the mini upside channel in the background and weak reaction fo the support, I see potential for the further drop towards lower reference.

Downside objective is set a the price of $1.990

Key intraday resistance is set at the price of $2.030