FX.co ★ Analysis of Gold for September 01,.2022 - Strong downside momentum and potential for further drop

Technical analysis:

Gold has been trading downside as I expected. I see potential for further drop towards the next downside reference.

Trading recommendation:

Due to the strong downside trend and rejection of the supply trend-line in the background, I see potetnial for the fuhrer drop.

Watch for potential selling opportunities on the intraday rallies with the next downside target at $1.680.

Stochastic oscillator is showing fresh bear cross, which is good confirmation for the further downside movement.

Key resistance is set at the price of $1.722