FX.co ★ Analysis of Gold for October 06, 2023 - Potential for the further drop

Technical analysis:

Gold has been trading sideways at the price of $1.821 and I see potential for the further downside continuation towards lower reference.

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

Downside objective is set at the price of $1.800

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

Key resistance is set at the price $1.835