FX.co ★ Analysis of Gold for May 25,.2022 - Rejection of the upper line of channel and potential for bigger drop

Technical analysis:

Gold has been trading downside today as I expected and there is still potetnial for bigger drop on Gold and continuation od the downside trend in the background.

Trading recommendation:

Due to the strong downside cycle and rejection of the upper line of the channel, I see potential for the downside movement.

Watch for potential selling opportunities on the intraday rallies with the downside objectives at $1.836 and $1.810.

Stochastic oscillator is showing bear reading, which is good sign for further downside movement.

Key resistance is set at the price of $1.870