FX.co ★ Analysis of Gold for June 16,.2022 - Breakout of contraction to the upside

Technical analysis:

Gold has been trading upside today and there is potential for the further rise due to the breakout of the consolidation.

Trading recommendation:

Due to the strong upside momentum and breakout of the contraction, I see potential for further rise.

Watch for potential buying opportunities on the intraday dips with the upside objectives at $1.845 and $1.875.

Stochastic is showing bull cross and upside reading, which is good sign that upside momentum is strong.

Key support is set at the price of $1.815