FX.co ★ Analysis of Gold for October 03, 2023 - Potential for the further drop

Technical analysis:

Gold has been trading downside as I expected in the background but this morning I found weak rally, which is sign for the potential downside continuation.

Due to the strong downside trend in the background and negative reversal on the RSI oscillator, I see potential for the further downside movement towards lower reference.

Downside objective is set at the price of $1.815

RSI oscillator is showing negative reversal, which is good sign for further downside movement.

Intraday resistance levels are set at the price of $1.827 and $1.835