FX.co ★ Analysis of Gold for September 16,.2022 - Strong downside momentum and breakout of key support at $1.680

Technical analysis:

Gold has been trading downside as I expected and the price has reached first objective at the price of $1.680. Anyway, I still see strong downside momentum and potential for the bigger drop towards next downside reference.

Trading recommendation:

Due to the strong downside pressure in the background and breakout of the key multi-year support at the price of $1.680, I see potential for further drop.

Watch for the selling opportunities with the next major downside objective at the price of $1.574.

MACD oscillator is showing fresh downside momentum, which is strong sign that sellers are in control.

Key resistance is set at the price of $1.690