FX.co ★ Analysis of Gold for October 11,.2022 - Targets has been reached and potential for further drop

Technical analysis:

Gold has been trading downside as I expected and the price has reached the downside targets . Anyway, I see potential for further downside movement due to the bear flag pattern.

Trading recommendation:

Due to the downside momentum and the supply in control I see potential for further drop.

Watch for the potential selling opportunities in case of the breakout of the bear flag pattern.

Downside objective at the price of $1.640

MACD oscillator is showing negative reading, which is sign that sellers are in control.

Resistance set at the price of $1.672