12.12.202310:13 Forex Analysis & Reviews: Analysis of Gold for December 12, 2023 - Potential for the further drop

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical analysis:

Gold has been trading downside in the background and I see potential for the further drop due to the downside momentum and the short-term downside condiiton.

Potential bear flag is in creation and I also found negative reversal on RSI oscillator, which is another good confirmation for the further downside movement.

Downside objective is set at the price of $1.965

RSI oscillator is showing negative reversal and the reading just above the 40 mark, whic is sign that we have downside pressure and trend.

Intraday resistance is set at the price of $1.991

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.