FX.co - Analysis of Gold for December 28,.2022 - Potential for the downside movement towards lower references

2022-12-28T15:04:20

Relevance until2022-12-29

Technical analysis:

Analysis of Gold for December 28,.2022 - Potential for the downside movement towards lower references

Gold has been trading downside in the background and there is potential for further downside movement.

Trading recommendation:

Due to the breakout of the rising trend-line in the background and re-test of resistance at $1.808, I see potential for further downside movement.

Watch for selling opportunities with the downside objective at $1.800 and $1.792

Stochastic oscillator is showing downside movement, which is good sign for further downside movement.

Key resistance is set at the price of $1.809

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for December 28,.2022 - Potential for the downside movement towards lower references