FX.co ★ Technical analysis on Gold for October 6th, 2023.

Red lines- bearish channel medium- term

Black lines- short-term trend bearish channel

Gold price is trading around $1,812 making new lower lows. Trend remains bearish as price continues making lower lows and lower highs inside the black short-term downward sloping channel. Our near term target is at the lower red channel boundary around $1,790. Resistance by the black channel boundary is found at $1,823-25 area. As long as we trade below this level, bears will remain in full control of the trend. Bulls need to break above it in order to push higher towards $1,900. Medium-term trend remains bearish also as price is still inside the red downward sloping channel since May.