FX.co ★ Analysis of Gold for April 11,.2022 - Breakout of the contraction to the upside

Technical analysis:

Gold has been trading upside today. There is the breakout of the contraction in the background, which is sign that buyers are in control and that higher prices can be in the play.

Trading recommendation:

Due to the breakout of the contraction in the background, I see potential for the rally towards upper references.

Watch for potential buying opportunities on the intraday dips with the upside objectives at $1.967 and $2.007.

Stochastic and MACD oscillators are showing positive readings with not signs for the reversal, which is sign that buyers are in control.

Short-term support is set at $1.945