FX.co ★ Analysis of Gold for June 01,.2022 - First downside objective has been reached at $1.840

Technical analysis:

Gold has been trading downside as I expected. The price reached my first downside objective at $1.841 and is heading towards second objective.

Trading recommendation:

Due to the strong downside cycle and broken upside channel in the background, I see potential for further downside movement.

Watch for potential selling opportunities on the intraday rallies with the next downside objectives at $1.810 and $1.790.

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

Key resistance is set at the price of $1.868