Gold Has A Potential For The Downside Rotation
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Technical analysis:
Gold has been trading upside on Friday and I see that key Fibonacci resistance at $1.895-$1.900 held this morning, which is good sign for the potential downside rotation.
Due to the strong resistance on the test and the extreme bull condition, I see potential for the downside rotation towards lower reference.
Downside objective is set at the price of $1.808
Stochastic oscillator is showing fresh downside cross, which is another good sign for the further downside movement.
Key resistance is set at the $1.895-$1.900
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