FX.co ★ Analysis of Gold for October 18,.2022 - Triangle pattern in creation

Technical analysis:

Gold has been trading sideways at the price of $1.653. I found the symmetrical triangle in creation and I see potential for the breakout.

Trading recommendation:

Due to the triangle in creation and downside trend in the background, I see potential for the breakout.

Watch for the potential breakout of the triangle to confirm further direction.

Downside breakout of the support at $1.648 may confirm further drop towards $1.640 and $1.617.

Stochastic oscillator is showing fresh downside cross, which is early warning for potential further drop.

Key resistance is set at the price of $1.667