FX.co ★ Analysis of Gold for July 21,.2022 - Both downside targets reached and potential for the third target

Technical analysis:

Gold has been trading downside as I expected. Gold has reached both downside targets and it is heading towards third objective. Supply is still strong with no signs for the reversal.

Trading recommendation:

Due to the strong downside pressure and bear trend, I see potential for the further drop in case of the breakout of the pivot support at $1.680.

Watch for potential selling opportunities on the intraday rallies with the next downside objective at the price of $1.650.

MACD is showing strong selling pressure with no sign for the reversal.

Key resistance is set at the price of $1.700