FX.co ★ Analysis of Gold for March 18,.2022 - Potential for another downside wave

Technical analysis:

Gold has been trading sideways at the price of $1.939. Key resistance is set at the price of $1.950-$1.960. Watch for potential rejection of the key resistance.

Trading recommendation:

Watch for potential selling opportunities due to broken upside trend-line and downside cycle in progress.

Downside objectives are set at the price of $1.900 and $1.882

Stochastic oscillator is showing overbought condition and fresh bear cross, which is sign for the further downside movement.

Key resistance is set at the price of $1.957