FX.co ★ Analysis of Gold for October 24,.2022 - Rejection of the strong resistance in the background

Technical analysis:

Gold has been trading upside in the background but I see big rejection of the important resistance at $1.667, which is sign that there is potential for the downside rotation.

Trading recommendation:

Due to the strong rejection of resistance in the background and overall downside trend, I see potential for the downside movement.

Watch for the potential selling opportunities with the downside objectives at $1.636 and $1.622.

Stochastic oscillator is showing fresh bear cross from the overbought condition, which is sign that there is potential for the downside rotation.

Key resistance is set at the price of $1.667