FX.co ★ Analysis of Gold for April 07, 2023 - First downside objective has been reached, potential for the further downside movemetn

Technical analysis:

Gold has been trading downside as I expected and the price has reached first objective at $2.007 level. Anyway, due to the strong downside momentum I see potential for the further drop.

Due to the breakout of the mini upside channel in the background, I see potential for the further downside movement towards lower references.

Next downside objective is set at the price of $1.990

MACD oscillator is showing bearish reading, which is another good confirmation for the further downside.

Key resistance is set at the price of $2.030