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05.04.2022 01:30 PM
Analysis of Gold for April 05,.2022 - Watch for the breakout of the contraction

Technical analysis:

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Gold has been trading sideways at the price of $1.928. There is potential for the downside breakout of the contraction.

Trading recommendation:

Due to the mid-term downside cycle in the play, I see potential for the downside continuation.

Watch for selling opportunities on the potential breakout of support at $1.924.

Downside objectives are set at the price of $1.916 and $1.904.

Stochastic is showing fresh bear cross, which is another sign and confirmation for the downside movement.

Key resistance is set at $1.935

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