FX.co - Analysis of Gold for March 14,.2022 - Breakout of rising trendline in the background

2022-03-14T15:19:57

Relevance until2022-03-15

Technical analysis:

Analysis of Gold for March 14,.2022 - Breakout of rising trendline in the background

Gold has been trading downside as I expected. Gold reached first downside objective at the price of $1.950/

Trading recommendation:

Due to the breakout of the rising trendline and strong downside momentum, I see potential for further bearish continuation.

My advice is to watch for selling opportunities on the rallies with the downside objective at the price of $1.920

MACD is showing negative reading after 20 days of positive reading, which is good sign for change in momentum.

Resistance is set at the price of $1.975

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for March 14,.2022 - Breakout of rising trendline in the background