FX.co ★ Analysis of Gold for May 31,.2022 - Watch for potential downside movement

Technical analysis:

Gold has been trading sideways at the price of $1.855 but there is still chance for the downside movement towards lower references.

Trading recommendation:

Due to the breakout of the upside channel in the background, I see potential for the downside movement.

Watch for potential selling opportunities on the rallies. Confirmation can happen in case of the breakout of $1.841.

Downside objective is set at $1.810 and $1.790

MACD oscillator is showing decrease in the upside momentum, which is good sign for potential downside movement.

Key resistance is set at the price of $1.868