FX.co - Analysis of Gold for March 22,.2022 - Breakout of the mini upside channel

2022-03-22T11:57:48

Relevance until2022-03-23

Technical analysis:

Analysis of Gold for March 22,.2022 - Breakout of the mini upside channel

Gold has been trading downside this morning and I see potential for further downside continuation.

Trading recommendation:

Due to the breakout of the the upside mini channel, I see potential for the downside movement.

Watch for selling opportunities on the intraday rallies with the downside objectives at the price of $1.917 and $1.897.

MACD is showing negative reading but Stochastic is on the oversold level.

Resistance level is set at the price of $1.940

*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 22,.2022 - Breakout of the mini upside channel