FX.co ★ Analysis of Gold for May 23,.2022 - Potential completion of the ABC upside correction

Technical analysis:

Gold has been trading upside in the background and I see potential downside rotation due to extreme condition. Upper parallel line is on the test, which is sign for potential downside rotation.

Trading recommendation:

Due to the test of the upside trend-line of the upside channel, I see potential lfor the downside movement towards lower references.

Watch for potential selling opportunities on the intraday rallies or upside exhaustion with the downside objectives at $1.832 and $1.810.

Stochastic oscillator is showing overbought condition and potential for the downside rotation.