FX.co ★ Analysis of Gold for October 05 , 2023 - Rejection of the resistance cluster

Technical analysis:

Gold has been trading downside this morning and I found rejection of the key resistance cluster at the price of $1.830 in the background, which is good isgn for the further downside movement.

Due to the rejection of the resistance cluster and strong downside trend in the background, I see potential for the further drop towards lower reference.

Downside objective is set at the price of $1.802

RSI oscillator is showing fresh hidden bearish divergence, which is good sign for the further downside movement.

Key resistance is set at the price of $1.830