FX.co - Analysis of Gold for March 15,.2022 - Downside objective reached but potential for next target at $1.886

15 March 2022 at 12:32PM (UTC+0)

Relevance until16 March 2022 at 12:32PM (UTC+0)

Technical analysis:

Analysis of Gold for March 15,.2022 - Downside objective reached but potential for next target at $1.886

Gold has been trading downside as I expected. The price has been reached downside objective at $1,920 and is heading towards next downside objective.

Trading recommendation:

Due to strong downside pressure and no sign for the reversal yet, I see further downside continuation.

Watch for selling opportunities on the rallies with the next downside objective at the price of $1.885 (cluster of lows).

MACD oscillator is showing negative reading which is sign that selling pressure is still heavy.

Resistance level is set at the price of $1.960

*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 15,.2022 - Downside objective reached but potential for next target at $1.886