FX.co ★ Analysis of Gold for March 29,.2022 - Downside objective reached, potential for further drop

Technical analysis:

Gold has been trading downside as I expected. The price reached second downside objective at the price of $1.910 and is heading towards next objectives.

Trading recommendation:

Due to the breakout of the rising corrective channel in the background, I see potential for further downside continuation.

Watch for potential selling opportunities on the rallies with the downside objectives at $1.880 and $1.850.

MACD is showing negative reading, which is good confirmation for further downside.

Stochastic is showing another fresh bear cross, which is another confirmation for the downside movement.

Resistance is set at $1.916