FX.co ★ Analysis of Gold for September 14,.2022 - First downside objectivbe has been reached, potential for further drop

Technical analysis:

Gold has been trading downside as I expected. The price reached first objective at the price of $1.712 but I see potential for further downside movement towards next reference points.

Trading recommendation:

Gold is trading flat this morning but I found potential bear flag pattern, which can be very good sign for further downside movement.

Watch for the selling opportunities with the downside objectives at the price of $1.690 and $1.680

MACD oscillator is showing downside reading, which is good sign that downside momentum is strong.

Key resistance is set at the price of $1.730