FX.co - Analysis of Gold for April 05,.2022 - Watch for the breakout of the contraction

2022-04-05T11:30:16

Relevance until2022-04-06

Technical analysis:

Analysis of Gold for April 05,.2022 - Watch for the breakout of the contraction

Gold has been trading sideways at the price of $1.928. There is potential for the downside breakout of the contraction.

Trading recommendation:

Due to the mid-term downside cycle in the play, I see potential for the downside continuation.

Watch for selling opportunities on the potential breakout of support at $1.924.

Downside objectives are set at the price of $1.916 and $1.904.

Stochastic is showing fresh bear cross, which is another sign and confirmation for the downside movement.

Key resistance is set at $1.935

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for April 05,.2022 - Watch for the breakout of the contraction