FX.co ★ Analysis of Gold for March 09,.2022 - Key pivot at the price of $2.003 on the test

Technical analysis:

Gold has been trading downside this morning and there is the the test of the key support pivot at $2,003. Watch carefully for the price action at this key pivot to confirm further direction.

Trading recommendation:

In case of the downside breakout of the $2,003, watch for selling opportunities on the rallies with the downside objectives at $1,962 and $1,950. Additionally, there is the breakout of the well-defined rising trendline in the background, which is another sign for potential downside movement.

In case of the rejection of the $2,003 and upside breakout of $2,025, watch for buying opportunities on the pullbacks with the upside objectives at $2,055 and $2,07