FX.co ★ Analysis of Gold for November 07,.2022 - Breakout of the early morning trading range

Technical analysis:

Gold has been trading downside this morning and I found breakout fo the multi hour range to the downside, which is sign for the further drop.

Trading recommendation:

Due to the breakout fo the mini trading range and climax upside day from yesterday, I see potential for the downside rotation towards lower references.

Watch for the potential selling opportunities on the intraday rallies with the downside objective at the price of $1.653.

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

Key resistance is set at the price of $1.681