Gold Has The Potential For Further Downside Movement

Gold Has A Chance For The Rejection Of The Support

Technical analysis:

Exchange Rates 20.09.2022 analysis

Gold has been trading sideways at the price of $1.673 in the mini channel (potential bear flag pattern), which is sign that we might see further downside continuation.

Trading recommendation:

Due to the channeling mode in the downside trend, I see potetnial for the further downside movement.

Watch for the potential selling opportunities in the case of the breakout of the mini channel.

Downside objectives are set at the price of $1.654 and $1.576

Stochastic oscillator is showing fresh downside cross from the overbought zone, which is good sign for further downside continuation.

Key resistance is set at the price of $1.680-$1.690

Relevance up to 08:00 2022-09-21 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.

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Gold Has A Chance For The Rejection Of The Support

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