FX.co - Analysis of Gold for July 15,.2022 - Potential for drop towards $1.675

15 July 2022 at 11:19AM (UTC+0)

Relevance until16 July 2022 at 11:19AM (UTC+0)

Technical analysis:

Analysis of Gold for July 15,.2022 - Potential for drop towards $1.675

Gold has been trading downside today and there is strong downside pressure in the background. I see potential for the fruther bearish continuation.

Trading recommendation:

Due to the strong downside trend in the background and no bigger signs for the reversal, I see further drop on the Gold.

Watch for potential selling opportunities on the rallies with the downside objective at $1.675.

MACD oscillator is showing fresh downside momentum, which is sign that sellers are in control.

Key short-term support is set at the price of $1.743

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for July 15,.2022 - Potential for drop towards $1.675