FX.co ★ Analysis of Gold for August 09,.2022 - Potential for the breakout of rising channels

Technical analysis:

Gold has been trading upside today but I see exhaustion in the tempo and the price action, which is sign that there is chance for potential downside movement.

Trading recommendation:

Due to the potential exhaustion, I see potential for the drop.

Watch for potential selling opportunities in case of the downside breakout of the rising channels.

Downside objectives are set at 1$1.763 and $1.740

Stochastic is showing fresh bear cross and overbought condition....

Key resistance is set at the price of $1.793