FX.co ★ Analysis of Gold for June 13,.2022 - Rejection of the resistsance and potential for downside rotation

Technical analysis:

Gold has been trading sideways at the price of $1.856 in the past few days. I see potential for the downside rotation due to rejection of the resistance in the backgorund.

Trading recommendation:

Due to the rejection of the resistance in the background and the no bigger buying power, I see potential for the downside movement.

Watch for potential selling opportunities on the rallies with the next downside objective at $1.827.

Stochastic is showing fresh bear cross from the overbought area, which is good confirmation for the further downside movement.

Resistance is set at the price of $1.878