FX.co - Analysis of Gold for August 03,.2022 - Downside breakout of the rising channel

2022-08-03T08:56:51

Relevance until2022-08-04

Technical analysis:

Analysis of Gold for August 03,.2022 - Downside breakout of the rising channel

Gold has been trading downside in the background and there is potential for the downside continuation.

Trading recommendation:

Due to the breakout of the rising channel in the background and the potential downside swing, watch for selling opportunities on the rallies.

Downside objectives are set at the price of $1.755 and $1.737.

Stochastic is showing fresh bear cross, which is another sign for the downside continuation.

Key resistance is set at the price of $1.786

*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 August 03,.2022 - Downside breakout of the rising channel