FX.co ★ Analysis of Gold for May 10,.2022 - Bear flag patter in creation and potential for further drop

Technical analysis:

Gold has been trading sideways at the price of $1.861 but I see potential for the downside continuation fo the bearish trend.

Trading recommendation:

Due to the strong downside cycle and bear flag pattern in creation, I see potential for the downside continuation.

Watch for potential selling opportunities on the intraday rallies with the downside with the next downside objective at $1.823.

MACD oscillator is showing strong downside momentum, which is another confirmation that sellers are in control.

Key resistance is set at the price of $1.917