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04.12.202310:33 Forex Analysis & Reviews: Analysis of Gold for December 04, 2023 - Strong reaction from sellers and buying climax in the background

Technical analysis:

Exchange Rates 04.12.2023 analysis

Gold has been trading upside into the Asia session but then we had big responsive selling after the buying climax around $2.140 and the selling pressure is now present.

Due to the strong reaction from the sellers in the background and the downside pressure on high volume, I see potential for the further drop towards lower references.

Downside objectives are set at the price of $2.045, $2.035 and $2.020

RSI oscillator is showing reading around 50, which is sign of the indecision.

Key resistance zone is set around $2.020-$2.040

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Petar Jacimovic,
Analytical expert of InstaSpot
© 2007-2024
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