FX.co - Analysis of Gold for October 25,.2022 - Triangle pattern in creation and potential for further drop

2022-10-25T07:24:10

Relevance until2022-10-26

Technical analysis:

Analysis of Gold for October 25,.2022 - Triangle pattern in creation and potential for further drop

Gold has been trading downside as I expected and there is potential for further downside movement.

Trading recommendation:

Due to the rejection of the strong resistance at the price of $1.667 and triangle pattern in creation, I see potential for further downside movement.

Watch for the potential selling opportunities with the downside objective at the price of $1.622.

MACD oscillator is showing weak buying power and potential for further downside movement.

Key resistance is set at the price of $1.667

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for October 25,.2022 - Triangle pattern in creation and potential for further drop