FX.co - Analysis of Gold for July 26,.2022 - Symmetrical triangle in creation and potential for the breakout

26 July 2022 at 11:24AM (UTC+0)

Relevance until27 July 2022 at 11:24AM (UTC+0)

Technical analysis:

Analysis of Gold for July 26,.2022 - Symmetrical triangle in creation and potential for the breakout

Gold has been trading in sideways regime at the price of $1.717. I see potential for the breakout of the symmetrical triangle pattern.

Trading recommendation:

Due to the sideways regime, there is potential for the breakout of the symmetrical triangle.

Watch for potential selling opportunities in case of the downside breakout.

Downside objectives are set at the price of $1.693 and $1.683.

Stochastic oscillator is showing fresh bear cross, which is another sign for the downside movement.

Key resistance is set at the price of $1.727

*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 26,.2022 - Symmetrical triangle in creation and potential for the breakout