FX.co ★ Analysis of Gold for October 10,.2022 - First downside targer reached, potential for the furher drop

Technical analysis:

Gold has been trading downside as I expected. The price reached the first downside objective at the level of $1699.I see potential for the further downside movement.

Trading recommendation:

Due to the strong downside pressure and breakout of the upside channel in the background, I see potential for the further drop.

Watch for the potential selling opportunities on the rallies with the downside objectives at the price of $1.660 and $1.643.

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

Key resistance is set at the price of $1.727