FX.co ★ Analysis of Gold for December 17,.2021 - Potential for bigger drop

Technical analysis:

Gold has been trading downside in last few hours and I see potential for bigger drop due to breakout of rising channel.

Trading recommendation:

Due to overbought condition and breakout of the rising channel, I see potential for drop.

Watch for selling opportunities on intraday rally with the downside objective at the price of $1,795

Stochastic oscillator is showing overbought condition and potential for the downside movement.

Key resistance is set at the price $1,815