FX.co ★ Analysis of Gold for July 13,.2022 - Potential for breakout of the downside channel

Technical analysis:

Gold has been trading downside in the past few days but I found there there is slowdown in the downside tempo and potential for the rally.

Trading recommendation:

Due to the potential exhaustion of the downside momentum and very tight downside channel, watch for the buying opportunities in case of the breakout of the channel.

Watch for buying opportunities on the intraday dips with the upside objectives at the price of $1.750 and $1.784.

Stochastic is showing oversold condition and fresh bull cross, which is sign for the further rise.

Key support is set at the price of $1.720