FX.co ★ Analysis of Silver for October 06,.2022 - Potential for the downside rotation

Technical analysis:

Gold has been trading upside during the Asia session but the key resistance at the price of $1.724 is on the test and there is potential for the downside rotation.

Trading recommendation:

Due to the strong strong resistance on the test and momentum divergence on oscillators, I see potential for the downside movement.

Watch for the potential selling opportunities with the downside objective at the price of $1.701.

MACD and Stochastic oscillators are showing bear divergence, which is sign that buyers are losing power.

Key resistance is set at the price of $1.727