FX.co ★ Analysis of Gold for June 28,.2022 - First downside objective reached

Technical analysis:

Gold has been trading downside as I expected. The price reached first downside objective at $1819.

Trading recommendation:

Due to the rejection of the trendline in the background and breakout of the mini rising wedge, I see potential for further downside movement.

Watch for potential selling opportunities on the intraday rallies with the downside objective at $1.805.

Stochastic is showing oversold condition but with no signs for further reversal.

Key resistance is set at the price of $1.840