FX.co - Analysis of Gold for July 19,.2022 - Watch for the breakout of the symmetrical triangle pattern

2022-07-19T14:05:59

Relevance until2022-07-20

Technical analysis:

Analysis of Gold for July 19,.2022 - Watch for the breakout of the symmetrical triangle pattern

Gold has been trading sideways at the price of $1.711, I see potential for the breakout of the symmetrical triangle pattern.

Trading recommendation:

Due to the confluence and the symmetrical triangle in the background, I see potential for the breakout play.

Watch for the potential breakout of the rising trend-line to confirm further downside movement.

Downside objectives are set at the price of $1.697 and $1.681.

Stochastic is showing overbought condition and potential for the downside rotation.

Key resistance is set at the price of $1.721

*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 19,.2022 - Watch for the breakout of the symmetrical triangle pattern