Analysis of Gold for May 06,.2022 - Watch for potential breakout of channel

Technical analysis: Gold has been trading sideways at the price of $1.887 and I see potential for the downside breakout. Trading recommendation: Due to the potential bear flag in the background and downside trend, I see potential for further downside movement. Watch for potential selling opportunities in case of the downside breakout of channel at $1.865. Downside objectives are set at $1.850 and $1.821. MACD oscillator is showing negative reading, which is sign for further downside movement.The material has been provided by InstaForex Company - www.instaforex.com

Analysis of Gold for May 06,.2022 - Watch for potential breakout of channel

Technical analysis:

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Gold has been trading sideways at the price of $1.887 and I see potential for the downside breakout.

Trading recommendation:

Due to the potential bear flag in the background and downside trend, I see potential for further downside movement.

Watch for potential selling opportunities in case of the downside breakout of channel at $1.865.

Downside objectives are set at $1.850 and $1.821.

MACD oscillator is showing negative reading, which is sign for further downside movement.

The material has been provided by InstaForex Company - www.instaforex.com