FX.co ★ Analysis of Gold for January 18,.2022 - Breakout of the contraction

Technical analysis:

Gold has been trading downside and there is the breakout of the contraction, which is good sign for further drop.

Trading recommendation:

Due to the breakout of the consolidation and the downside movement I see potential for further drop towards downside reference points.

Watch for selling opportunities on the rallies with the downside targets at $1,805, $1,801 and $1,790.

Key resistance is set at the price of $1,822