FX.co ★ Analysis of Gold for July 18,.2022 - Breakout of the upside channel

Technical analysis:

Gold has been trading upside this morning but I see breakout of the rising channel, which is sign that sellers are taking control.

Trading recommendation:

Due to the breakout of the mini upside channel in the background, watch for potential selling opportunities on the intraday rallies.

Downside targets are set at the price of $1.698 and $1.686.

Stochastic is showing overbought condition bearish divergence, which is good sign for further downside movement.

Resistance is set at the price of $1.732