FX.co ★ Analysis of Gold for August 18,.2022 - Symmetrical triangle is in creation, watch for potential breakout

Technical analysis:

Gold has been trading sideways at the price of $1.762 but there is potential for the downside continuation.

Trading recommendation:

Due to the potential breakout of the triangle, I see potetnial for further downside movement.

Watch for potential selling opportunities in case of the downside breakout of the symmetrical triangle.

Downside objectives are set at the price of $1.753 and $1.735.

MACD oscillator is showing downside reading with no evidence for the reversal, which is good sign for further downside continuation.

Key resistance is set at the price of $1.770