FX.co - Analysis of Gold for May 12,.2022 - Potential for the downside continuation towards $1.820

12 May 2022 at 11:07AM (UTC+0)

Relevance until13 May 2022 at 11:07AM (UTC+0)

Technical analysis:

Analysis of Gold for May 12,.2022 - Potential for the downside continuation towards $1.820

Gold has been trading downside this morning and I see potential for the downside continuation of the bigger trend.

Trading recommendation:

Due to the downside cycle and potential for the completion of the upside correction, I see potential for the downside continuation.

Watch for potential selling opportunities the intraday rallies with the downside objectives at $1.820 and $1.788.

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

Stochastic is showing fresh bear cross from overbought condition, which is another sign for the downside movement.

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 12,.2022 - Potential for the downside continuation towards $1.820