04.10.202310:21 Forex Analysis & Reviews: Analysis of Gold for October 04, 2023 - Potential for the further drop

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Technical analysis:

Gold has been trading sideways today ad the price of $1.822 but I still see that sellers are in control and short-term downside trend, which is good sign for the further downside movement.

Due to the strong downside condition and the unbroken resistance in the background, I see potential for the further drop towards lower reference.

Downside objectives are set at the price of $1.809 and $1.800

RSI oscillator is showing downside reading with no evidence for the reversal.

Key intraday resistance is set at the price of $1.830

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