FX.co - Analysis of Gold for May 03,.2022 - Potential for another drop towards $1.820

3 May 2022 at 11:23AM (UTC+0)

Relevance until4 May 2022 at 11:23AM (UTC+0)

Technical analysis:

Analysis of Gold for May 03,.2022 - Potential for another drop towards $1.820

Gold has been trading downside as I expected. I still see Gold downside with potential test of $1.820. Trend is still strongly to the downside.

Trading recommendation:

Due to the strong downside trend and the breakout of key pivot support at $1.885, I see potential for further drop towards $1.820.

Watch for potential selling opportunities on the rallies with the downside objective at $1.820.

MACD oscillator is showing strong downside momentum, which is another confirmation that sellers are in control.

Key resistance is set at the price of $1.917

*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 May 03,.2022 - Potential for another drop towards $1.820