FX.co ★ Gold technical analysis for October 19th, 2022.

Red lines- bearish channel

Gold price is seeing new lower lows. Trend remains controlled by bears as price remains inside the medium-term downward sloping channel. After the rejection at the upper channel boundary around $1,725, short-term trend has been dominated by bears. So far we only had lower lows and lower highs with no sign of a reversal. Price justifies a bounce towards $1,700-$1,680 area but we have not seen any short-term reversal signal. There are only indications of a possible bottom nearby. Indications are not signals and therefore we remain bearish.