FX.co ★ Analysis of Gold for September 15,.2022 - Strong dowmsnide momentum and potential for bigger drop

Technical analysis:

Gold has been trading downside as I expected. I found that downside momentum is still strong and there is potential for bigger drop.

Trading recommendation:

Due to the strong downside momentum and potential test of major support cluster at $1.680, I see further downside movement.

Watch for the selling opportunities with the downside objective at the price of $1.575.

Stochastic oscillator is showing fresh downside cross, which is good sign that sellers are in control.

Key resistance is set at the price of $1.729