FX.co - Analysis of Gold for August 30,.2022 - Potential for the breakout of the triangle pattern

30 August 2022 at 11:21AM (UTC+0)

Relevance until31 August 2022 at 11:21AM (UTC+0)

Technical analysis:

Analysis of Gold for August 30,.2022 - Potential for the breakout of the triangle pattern

Gold been trading sideways at the price of $1.733. I see potential for further downside movement in case of the downside breakout of triangle.

Trading recommendation:

Watch for the breakout of the tight triangle pattern to confirm further downside movement.

Downside objective is set at the price of $1.721

Key resistance is set at the price of $1.737

*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 30,.2022 - Potential for the breakout of the triangle pattern