Gold Price Analysis: Breakout Signals Downside Momentum, Targets $1,861 and $1,819

Unraveling the Resilience: US Growth, Corporate Debt, and Market Surprises in 2023

Gold has been trading downside as I expected and I found re-break of the symmetrical triangle pattern in the background, which is good sign for the further downside movement.

Due to the breakout of the upside channel and tight triangle in the background, I see potential for the further drop towards lower references.

Downside objectives are set at the price of $1.861 and $1.819

MACD oscillator is showing increasing in the downside momentum, which is good confirmation for the further downside movement.

Key resistance is set at the price of $1.967

 

Unraveling the Resilience: US Growth, Corporate Debt, and Market Surprises in 2023

InstaForex Analysis

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