Gold Has A Potential For The Further Drop
Aa
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Technical analysis:
Gold has been trading sideways at the price of $1.848 but I saw the rejection of the Fibonacci resistance confluence at $1.860, which is good sign for the further downside movement.
Due to the rejection of the resistance zone and the downside cycle in the background, I see potential for the further drop.
Downside objective is set at the price of $1.810
Stochastic and MACD oscillators is showing fresh downside cross, which is another good sign for the further downside movement.
Key resistance is set at the price of $1.860
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