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Technical analysis:
Gold has been trading downside in the background and I found breakout of the triangle pattern, which is good sign for the further downside movement.
Due to the breakout of the triangle pattern and rejection of the resistance at $2.045, I see potential for the further drop towards lower reference.
Downside objective is set at the price of $1.996
RSI oscillator is showing reading below the 50 level, which is sign that downside pressure is present.
Key intraday resistance is set at the price of $2.027
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
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