FX.co - Analysis of Gold for July 20, 2023 - Potential fake breakout of the recent swing high

2023-07-20T10:05:36

Relevance until2023-07-21

Technical analysis:

Analysis of Gold for July 20, 2023 - Potential fake breakout of the recent swing high

Gold has been trading upside but I found fake breakout of the swing high at $1.983, which is a good sign for the potential downside rotation.

Due to the fake breakout of the swing high and the breakout of the mini rising trend-line, I see potential for further downside movement.

Downside objective is set at the price of $1.970

Stochastic oscillator is showing fresh downside flip, which is another good sign for the further downside movement.

Key resistance is set at the price of $1.985

*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 July 20, 2023 - Potential fake breakout of the recent swing high