FX.co ★ Analysis of Silver for October 04,.2022 - Potential for the downside rotation due to extreme condition

Technical analysis:

Gold has been trading upside in the background but there is potential for the downside rotation due to the extreme condition and resistance area.

Trading recommendation:

Due to the strong extreme condition in last 5 days and potential for the resistance at the price of $1.705-$1.713, I see potential for the downside rotation.

Watch for the potential selling opportunities with the downside objectives at $1.695 and $1.677.

MACD oscillator is showing overbought condition and fresh bear cross, which is sign that buyers went extreme.

Key resistance zone is set at $1.705-$1.713