FX.co ★ Analysis of Gold for August 19,.2022 - Supply in control and potential for further drop

Technical analysis:

Gold has been trading downside as I expected. The price has reached the first downside objective at $1.753 and is heading towards next targets.

Trading recommendation:

Due to the strong supply and broken consolidation pattern, I see further drop in play.

Watch for potential selling opportunities on the intraday rallies with the downside objective at $1.735.

MACD oscillator is showing fresh new momentum to the downside, which is another confirmation of the momentum.

Key resistance is set at the price of $1.771