FX.co - Analysis of Gold for July 20,.2022 - Breakout of the triangle pattern to the downside

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

Relevance until21 July 2022 at 11:15AM (UTC+0)

Technical analysis:

Analysis of Gold for July 20,.2022 - Breakout of the triangle pattern to the downside

Gold has been trading downside today and I saw the breakout of the triangle pattern, which is good sign for further downside movement.

Trading recommendation:

Due to the breakout of the symmetrical triangle today, I see potential for fruther downside continuation of the bear trend in the background.

Watch for potential selling opportunities on the intraday rallies with the downside objectives at the price of $1.698 and $1.681.

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 20,.2022 - Breakout of the triangle pattern to the downside