FX.co ★ Analysis of Gold for October 20,.2022 - First downside objective has been reached, potential for further drop

Technical analysis:

Gold has been trading downside as I expected and the price has reached the first downside objective at the price of #1.639. Anyway, I see potential for further downside movement due to the breakout of the triangle.

Trading recommendation:

Due to the breakout of the the triangle pattern, I see potential for the further drop towards the next downside reference level.

Watch for the potential selling opportunities on the intraday rallies with the downside objective at $1.616

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

Key resistance is set at the price of $1.653