FX.co ★ Analysis of Gold for May 30,.2022 - Breakout of the upside channel and potential for the bigger drop

Technical analysis:

GoldF has been trading downside today and there is the breakout of the rising upside channel in the background and breakout of the mini channel, which is sign for me that sellers are taking control.

Trading recommendation:

Due to the breakout of the well-defined upside channel, I see potential for further downside movement.

Watch for selling opportunities on the intraday rallies with the downside objectives at $1.841 and $1.808.

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

Key resistance is set at the price of $1.862