FX.co - Analysis of Gold for May 04,.2022 - Potential for another drop towards $1.820 and $1.790

4 May 2022 at 11:35AM (UTC+0)

Relevance until5 May 2022 at 11:35AM (UTC+0)

Technical analysis:

Analysis of Gold for May 04,.2022 - Potential for another drop towards $1.820 and $1.790

Gold has been trading sideways today at the price of $1.866 but I see potential for the downside continuation of the larger degree trend.

Trading recommendation:

Due to the strong downside cycle on the Gold, I see potential for the downside continuation.

Watch for potential selling opportunities on the rallies with the downside objectives at the price of $1.820 and $1.790.

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

Stochastic oscillator is showing fresh bear cross, which is another sign for the downside continuation.

Key resistance is set at the price of $1.885

*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 04,.2022 - Potential for another drop towards $1.820 and $1.790