FX.co - Analysis of Gold for August 05,.2022 - Breakout of the upsidfe channel and potential for further drop

2022-08-05T12:48:52

Relevance until2022-08-06

Technical analysis:

Analysis of Gold for August 05,.2022 - Breakout of the upsidfe channel and potential for further drop

Gold has been trading downside after the news today and I see potential for further downside continuation.

Trading recommendation:

Due to the strong supply today and breakout of the rising channel, I see potential for the further drop.

Watch for selling opportunities on the itnraday rallies with the downside objective at the price of $1.754.

Key resistance is set at the price of $1.793

*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 05,.2022 - Breakout of the upsidfe channel and potential for further drop