FX.co ★ Analysis of Gold for December 29,.2022 - Potential for the downside rotation towards $1.798

Technical analysis:

Gold has been trading upside during the Asia session but I saw rejection of the key resistance zone at the price of $1.809, which is good sign for the further downside movement.

Trading recommendation:

Due to the test-reject of the key resistance zone, I see potential for the further downside movement towards lower references.

Watch for the potential selling opportunities with the downside objective at $1.798.

Stochastic oscillator is showing fresh bear cross, which is another sign for the further downside movement.

Key resistance is set at the price of $1.809