FX.co ★ Analysis of Gold for August 29,.2022 - Potential for the downside continuation

Technical analysis:

Gold has been trading upside this morning on Europe session but I see potential for the downside continuation of the trend.

Trading recommendation:

Due to the strong downside trend in the background and overbought condition this morning, I see further downside movement.

Watch for potential selling opportunities on the rallies with the downside objective at the price of $1.712.

Stochastic oscillator is showing fresh bear cross and overbought condition, which is good sign for further downside movement.

Resistance is set at the price of $1.730