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Analysis of Gold for January 18,.2022 – Breakout of the contraction

Technical
analysis:

Gold
has been trading downside and there is the breakout of the
contraction, which is good sign for further drop.

Trading
recommendation:

Due
to the breakout of the consolidation and the downside movement I see
potential for further drop towards downside reference points.

Watch
for selling opportunities on the rallies with the downside targets at
$1,805, $1,801 and $1,790.

Key
resistance is set at the price of $1,822

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

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