FX.co - Analysis of Gold for August 16,.2022 - Breakout of the rising line and brekaout of the mini channel

2022-08-16T11:17:14

Relevance until2022-08-17

Technical analysis:

Analysis of Gold for August 16,.2022 - Breakout of the rising line and brekaout of the mini channel

Gold has been trading downside as I expected. There is still chance for further drop towards next downside objectives....

Trading recommendation:

Due to the breakout of the rising trend-line and the mini channel, I see further downside movement.

Watch for potential selling opportunities on the rallies with the downside objectives at $1.760 and $1.740.

MACD oscillator is showing new fresh downside momentum,which is another sign for the 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 16,.2022 - Breakout of the rising line and brekaout of the mini channel