FX.co ★ Analysis of Gold for February 22,.2022 - Strong downside breakout and potential for further drop

Technical analysis:

Gold has been trading downside this morning from the opening of the Europe session and I still see potential for further downside movement till end of the day.

Trading recommendation:

Due to breakout of the contraction early in the morning , I see potential for further downside movement.

Watch for selling opportunities using the intraday time-frames with the downside objectives at $1,886 and $1,880.

Additional, there is the breakout of the upside channel and potential for drop towards the cluster of lows at $1,886.

Key daily resistance is set at $1,912