FX.co ★ Analysis of Gold for November 08,.2022 - Test-reject of the key support and potential for upside continuation

Technical analysis:

Gold has been trading downside during the Tokyo session but I see potential for the upside continuation of the strong upside movement in the background.

Trading recommendation:

Due to the strong upside movement in the background and test-reject of the support at $1.666, I see potential for the upside continuation.

Watch for buying opportunities on the intraday dips with the upside objective at $1.681

Stochastic Oscillator is showing oversold condition and fresh bull cross, which is sign that upside swing is in the play.

Key support is set at the price of $1.666