FX.co - Analysis of Gold for April 25,.2022 - Strong supply and potential for further drop

25 April 2022 at 12:14PM (UTC+0)

Relevance until26 April 2022 at 12:14PM (UTC+0)

Technical analysis:

Analysis of Gold for April 25,.2022 - Strong supply and potential for further drop

Gold has been trading downside today and I see potential for further drop due to the breakout of consolidation from few days ago.

Trading recommendation:

Due to breakout of 3-day consolidation in the background I see potential for the further drop.

Watch for potential selling opportunities the intraday rallies with the downside objectives at $1.887 and $1.830.

Stochastic is showing extreme reading but with no evidence for the reversal, which is sign of strong supply.

Key resistance is set at the price of $1.994

*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 25,.2022 - Strong supply and potential for further drop