FX.co ★ Analysis of Gold for May 16,.2022 - Bullish divergence and rejection of key pivot support at $.790

Technical analysis:

Gold has been trading upside this morning but the Gold has reached our main downside objective at the price of $1.790. Anyway, there is rejection of the pivot so I see further upside movement.

Trading recommendation:

Due to the strong rejection of the key pivot at $1.790, I see potential for further upside movement.

Watch for potential selling buying opportunities on the intraday dips with the upside targets at $1.815 and $1.826.

Stochastic is showing bull divergence, which is another sign for the further upside movement towards upper references.

Key support is set at the price of $1.790