FX.co - Analysis of the gold for October 14, 2022 - Rejection of the supply trendline and potential for the further drop

2022-10-14T08:36:43

Relevance until2022-10-15

Technical analysis:

Analysis of the gold for October 14, 2022 - Rejection of the supply trendline and potential for the further drop

Gold has been trading downside this morning and I saw rejection of the supply trend-line, which is good sign for further downside movement.

Trading recommendation:

Due to the rejection of the supply trend-line and strong downside movement in the background, I see potential for further downside movement.

Watch for the selling opportunities on the intraday rallies with the downside objective at the price of $1.644.

Stochastic oscillator is showing fresh bear cross, which is good sign that sellers are in control.

Key resistance is set at the price of $1.678

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of the gold for October 14, 2022 - Rejection of the supply trendline and potential for the further drop