FX.co ★ Analysis of Gold for January 31,.2022 - Watch for the breakout of the contraction

Technical analysis:

Gold is trading sideways at the price of $1,790, I see that there is contraction pattern and potential for the breakout mode.

Trading recommendation:

In case of the downside breakout of support at the price of $1,781, watch for selling opportunities with the downside objective at the price of $1,762.

In case of the breakout of resistance at the price of $1,798, watch for upside opportunities with the upside objective at $1,810 and $1,828

Additional, there is the breakout of the rising trend line in the background, which adds more odds for the downside continuation.