FX.co ★ Analysis of Gold for May 13,.2022 - First downside objective reached and potential for further drop towards $1.790

Technical analysis:

Gold has been trading downside as expected and the price reached my main downside target at the price of $1.820. Anyway, I see potential for the further downside movement towards next key pivot.

Trading recommendation:

Due to the strong downside cycle and no bigger signs for the reversal, I see potential for the downside movement.

Watch for potential selling opportunities on rallies with the next downside objective set at $1.790.

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

Resistance is set at the price of $1.830