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Gold has been trading downside as I expected. The price reached the first downside objective at the level of $1699.I see potential for the further downside movement.
Due to the strong downside pressure and breakout of the upside channel in the background, I see potential for the further drop.
Watch for the potential selling opportunities on the rallies with the downside objectives at the price of $1.660 and $1.643.
MACD oscillator is showing fresh downside momentum, which is strong sign that sellers are in control.
Key resistance is set at the price of $1.727
Relevance up to 10:00 2022-10-11 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
