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FX.co ★ Analysis of Gold for June 28,.2022 - First downside objective reached

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Forex Analysis:::2022-06-28T11:45:13

Analysis of Gold for June 28,.2022 - First downside objective reached

Technical analysis:

Analysis of Gold for June 28,.2022 - First downside objective reached

Gold has been trading downside as I expected. The price reached first downside objective at $1819.

Trading recommendation:

Due to the rejection of the trendline in the background and breakout of the mini rising wedge, I see potential for further downside movement.

Watch for potential selling opportunities on the intraday rallies with the downside objective at $1.805.

Stochastic is showing oversold condition but with no signs for further reversal.

Key resistance is set at the price of $1.840

Analyst InstaForex
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