FX.co ★ Analysis of Gold for May 17,.2022 - Upside objective reached but potential for downside rotation

Technical analysis:

Gold has been trading upside today as I expected and the price reached upside objective at $1.830. Anyway, the resistance is on the test at $1.834 and there is potential for the downside rotation.

Trading recommendation:

Watch for the price action around key pivot at $1.834.

If the price rejects of the key pivot resistance at $1.834, I see potential for the downside rotation towards $1.819 and $1.798.

IF the price breaks the pivot at $1.834, there is potential for the further rally towards $1.850.

Stochastic oscillator is showing bearish divergence, which is sign for further downside rotation.