FX.co - Analysis of Gold for August 04,.2022 - Rejection of the key resistance at the price of $1.786

4 August 2022 at 1:05PM (UTC+0)

Relevance until5 August 2022 at 1:05PM (UTC+0)

Technical analysis:

Analysis of Gold for August 04,.2022 - Rejection of the key resistance at the price of $1.786

Gold has been upside today but I found strong rejection of the key resistance at the price of $1.786.

Trading recommendation:

Due to the rejection of the key resistance at the price of $1.786, I see potential for the downside movement.

Watch for potential selling opportunities with the downside objectives at $1.772 and $1.755.

Stochastic is showing overbought condition with the fresh bear cross, which is sign for further downside movement.

Key resistance is set at the price of $1.786.

*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 August 04,.2022 - Rejection of the key resistance at the price of $1.786