FX.co ★ Analysis of Gold for August 23,.2022 - Watc for the potential breakout of the triangle

Technical analysis:

Gold has been trading upside this morning but I see potential triangle in creation, which is sign that downside continuation can be in the play.

Trading recommendation:

Due to the strong downside cycle in the background and potential for triangle pattern, I see further downside continuation.

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

Downside objectives are set at $1.716 and $1.684.

MACD oscillator is showing decrease in the downside power but reading is still negative.

Resistance is set at the price of $1.745