FX.co ★ Analysis of Gold for May 18,.2022 - Rejection of key resistance as I expected, potential for further drop

Technical analysis:

Gold has been trading downside as expected and there is rejection of the key resistance at the price of $1.830 in the background, which is good sign for further downsdie movement.

Trading recommendation:

Due to the strong downside cycle and rejection of the key resistance in the background, I see potential for further downside continuation.

Watch for potential selling opportunities on the intraday rallies with the downside objective at $1.790.

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