FX.co - Analysis of Gold for August 22,.2022 - Strong supply and potential for bigger drop

2022-08-22T08:06:23

Relevance until2022-08-23

Technical analysis:

Analysis of Gold for August 22,.2022 - Strong supply and potential for bigger drop

Gold has been trading downside as I expected. There is still strong downside momentum with no signs for the reversal.

Trading recommendation:

Due to the strong downside momentum and potential for bigger drop, selling opportunities are preferable.

Watch for potential selling opportunities on the intraday rallies with the downside objectives at $1.714 and $1.682.

MACD oscillator is showing strong supply with no evidence for the reversal.

Short-term resistance is set at the price of $1.757

*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 22,.2022 - Strong supply and potential for bigger drop