FX.co ★ Analysis of Gold for October 19,.2022 - Breakout of the triangle pattern to the downside

Technical analysis:

Gold has been trading downside this morning and I found the breakout of the tight triangle in the background, which is good sign for further downside movement.

Trading recommendation:

Due to the breakout of the triangle pattern I see potential for further drop towards downside references.

Watch for the potential selling opportunities with the downside objectives at $1.639 and $1.616.

Stochastic oscillator is showing fresh bear cross, which is strong sign that sellers are in control.

Key resistance is set at the price of$1.660