FX.co ★ Analysis of Gold for August 15,.2022 - Breakout of the rising line and potential breakout of mini channel

Technical analysis:

Gold has been trading downside today with strong momentum and I see potential further drop.

Trading recommendation:

Due to the breakout of the rising trend-line in the background and potential for the breakout of the mini channel, I see potential for further drop.

Watch for potential selling opportunities on the intraday rallies with the downside objective at $1.764.

Stochastic is showing oversold condition but with no evidence for the reversal.

Key resistance is set at the price of $1.805