FX.co ★ Analysis of Gold for August 01,.2022 - Breakout of the consolidation to the upside

Technical analysis:

Gold has been trading upside as I expected. I found breakout of the symmetrical triangle pattern in the background, which is good sign for further rally.

Trading recommendation:

Due to the breakout of the symmetrical triangle today, I see potential for further upside movement.

Watch for potential buying opportunities on the intraday dips with the upside objectives at $1.791 and $1.804.

MACD is showing new upside momentum, which is sign for further rally.

Key support is set at the price of $1.758