FX.co - Analysis of Gold for August 12,.2022 - Sideways regime on the market, watch for the breakout

2022-08-12T08:16:08

Relevance until2022-08-13

Technical analysis:

Analysis of Gold for August 12,.2022 - Sideways regime on the market, watch for the breakout

Gold has been trading sideways at the price of $1.788 but there is potential for the breakout mode.

Trading recommendation:

Due to the sideways regime on the Gold, I see potential for the breakout.

Watch for potential breakout of the key support at the price of $1.782 to confirm further drop.

Downside objective is set at the price of $1.771.

Stochastic is showing downside reading and fresh bear cross, which is another sign of the weakness on the Gold

Key resistance is set at the price of $1.798

*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 12,.2022 - Sideways regime on the market, watch for the breakout