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11.12.2023 11:12 AM
Analysis of Gold for December 11, 2023 - First objective has been reached, potential for the further downside movmenet
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Technical analysis:

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Gold has been trading downside and the market has reached our first downside objective at $1.997. Sellers are still in control and I see potential for the further downside movement.

Due to the downside momentum and no major sign for the reversal, I see potential for the further drop towards next downside reference.

Downside objective is set at the price of $1.971

RSI oscillator is showing downside trend condition, which is another sign for the further downside movement.

Petar Jacimovic,
Analytical expert of InstaTrade
© 2007-2025

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