FX.co ★ Analysis of Gold for December 16,.2022 - Broken upside channel and potential for further drop

Technical analysis:

Gold has been trading sideways at the price of $1.776 but due to the breakout of the bigger channel, I see potential for further downside movement.

Trading recommendation:

Due to the breakout of the rising channel and potential bear flag in creation, I see potential for further drop towards lower references...

Watch for the potential selling opportunities in case of the downside breakout of the mini bear flag pattern.

Downside objectives are set at $1.766 and $1.740

MACD oscillator is showing downside reading, which si sign that sellers are in control....

Key resistance is set at the price of $1.788