FX.co - Analysis of Gold for August 24,.2022 - Breakout of the bull flag pattern

24 August 2022 at 8:48AM (UTC+0)

Relevance until25 August 2022 at 8:48AM (UTC+0)

Technical analysis:

Analysis of Gold for August 24,.2022 - Breakout of the bull flag pattern

Gold has been trading upside today and I found breakout of the bull flag pattern, which is good confirmation for further rally.

Trading recommendation:

Due to the breakout of the bull flag pattern today, I see potential for the higher price and test of upside references.

Watch for potential buying opportunities on the intraday dips with the upside objectives at $1.767 and $1.780.

MACD oscillator is showing fresh upside money flow, which is good sign for further rally.

Intraday support is set at the price of $1.744

*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 24,.2022 - Breakout of the bull flag pattern