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Analysis of Gold for October 02 , 2023 - Strong downside pressure
04:47 2023-10-02 UTC--4

Technical analysis:

Gold has been trading downside as I expected and I see potetnial for the further drop towards next downside reference.

Due to the strong downside cycle and no signs for the reversal, I see potential for the further drop towards lower reference.

Downside objective is set at the price of $1.808

RSI oscillator is showing downside trend and no signs for the reversal, which is good sign for the further drop.

Key resistance is set at the price of $1.883

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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.