FX.co - Analysis of Gold for August 10,.2022 - Potential for the ssecond downside swing

2022-08-10T11:09:16

Relevance until2022-08-11

Technical analysis:

Analysis of Gold for August 10,.2022 - Potential for the ssecond downside swing

Gold has been trading sideways at the price of $1.789. I see potential for the downside movement.

Trading recommendation:

Due to the breakout of the rising channel in the background, I see potential for the further downside movement.

Watch for potential selling opportunities on the intraday rallies with the downside objectives at $1.783 and $1.768.

Stochastic oscillator is showing fresh bear cross, which is sign for potential further downside movement.

Key resistance is set at the price of $1.800

*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 10,.2022 - Potential for the ssecond downside swing