FX.co ★ Analysis of Gold for August 31,.2022 - First downside target has been reached

Gold has been trading downside as I expected and the downside objective has been reached at the price of $1.711. I still potential for further downside movement.

Trading recommendation:

Due to the strong downside momentum and no signs for the reversal, i still see potential for further drop.

Watch for potential selling opportunities on the intraday rallies with the downside objective at the price of $1.680.

MACD oscillator is showing fresh new downside momentum, which is another sign that sellers are in control.

Key resistance is set at the price of $1.726