Main Quotes Calendar Forum
flag

FX.co ★ Analysis of Gold for December 05, 2023 - Big reversal in the background and the breakout of the rising trendline

parent
Forex Analysis:::2023-12-05T12:27:11

Analysis of Gold for December 05, 2023 - Big reversal in the background and the breakout of the rising trendline

Technical analysis:

Analysis of Gold for December 05, 2023 - Big reversal in the background and the breakout of the rising trendline

Gold has been trading downside as I expected and the first downside objective at the price of $2.040 has been reached. Sellers are still in control and I see potential for the further downside movement.

Due to the strong reversal and buying climax in the background plus breakout of the rising trend-line, I see potential for the further downside movement towards next downside levels.

Downside objective is set at the price of $2.000

RSI oscillator is showing reading around 40, which is sign of the change for the potential trend from bullish to bearish.

Key resistance is set at the price of $2.075

Analyst InstaForex
Share this article:
parent
loader...
all-was_read__icon
You have watched all the best publications
presently.
We are already looking for something interesting for you...
all-was_read__star
Recently published:
loader...
More recent publications...