This Is Not The Time To Buy -Gold In A Downward Trend| FXMAG.COM

Technical analysis:
Trading recommendation:

Technical analysis:
✕

Gold has been trading downside as I expected. I see potential for further drop towards the next downside reference.

Trading recommendation:

Due to the strong downside trend and rejection of the supply trend-line in the background, I see potetnial for the fuhrer drop.

Watch for potential selling opportunities on the intraday rallies with the next downside target at $1.680.

Stochastic oscillator is showing fresh bear cross, which is good confirmation for the further downside movement.

Key resistance is set at the price of $1.722

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Relevance up to 10:00 2022-09-02 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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