FX.co - Analysis of Gold for April 12,.2022 - Potential for the downside continuation

2022-04-12T11:56:17

Relevance until2022-04-13

Technical analysis:

Analysis of Gold for April 12,.2022 - Potential for the downside continuation

Gold has been trading sideways today at the price of $1.955. I see potential for the intraday downside cycle.

Trading recommendation:

Due to V shape reversal in the background and potential completion of the ABC upside correction, I see potential for the downside movement.

Watch for potential selling opportunities on the rallies with the downside objectives at $1.942 and $1.931.

Stochastic is showing fresh bear cross and overbought condition, which is sign that downside rotation is possible.

Resistance is set at $1.968

*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 April 12,.2022 - Potential for the downside continuation