FX.co ★ Analysis of Gold for November 01,.2022 - Breakout of the mini downside channel and potential for further growth

Technical analysis:

Gold has been trading upside and I found the breakout of the downside channel in the background, which is sign that buyers are in control and that we might see further growth.

Trading recommendation:

Due to the breakout of the rising downside channel in the background, I see potential for the further growth.

Watch for the potential buying opportunities on the intraday dips with the upside objectives at $1.665 and $1.637.

Stochastic oscillator is showing fresh bull divergences, which is good sign for further rally.

Key support is set at the price of $1.631