FX.co ★ Analysis of Silver for October 03,.2022 - Rejection of the supply cluster in the background

Technical analysis:

Gold has been trading sideways at the price of $1.663. Anyway, I see that market didn't have power to break the key supply zone at $1.675 and that there is potential for the downside movement.

Trading recommendation:

Due to the rejection of the supply zone in the background, I see potential for the downside movement.

Watch for the potential selling opportunities on the rallies with the downside objective at the price of $1.643.

Stochastic oscillator had bearish divergence in the background, which is good sign that sellers are again active.

Key resistance zone is set at the price of $1.673-$1.687